I've been saying the same thing since 2014 and the price action since then has continued to bear this out.

The base price is an s-curve of adoption (fundamentals), overlaid with speculative mania cycles.

I'm not the only one, this guy spells it out. (4 years late mind you )

The mania-cycles are fun, but the s-curve of adoption is essential to drive the price up and create the next cycle. Yes, this is a criticism of the course of action that has resulted in BTC market cap being butchered by alts, and tx count falling off a cliff:



Whether BCH existed or not I would be saying the same thing, I *was* saying the same thing before it existed, I always have been saying the same thing.