The recent downward swing, and the more recent upward swing, or call it crash and recovery or whatever you want is the wrong way of looking at all of this. This is a volatile market because nobody is yet certain how the demand is going to play out. Look around, people, you have seen nothing yet. The demand is going to be huge. There are only a few people using crypto and Bitcoin - ask yourself, what happens when everyone comes, so next time the price drops (or increases) by 30 or 40 % stay calm cause you have seen nothing yet.
If everyone was certain that everyone would be using Bitcoin, the price would never stop going up. But 1) the likelihood that the majority of the world population is going to crypto is not a given, and I would argue against it. Crypto is always going to be a niche element, and the
to the moon people are delusional. And 2) the likelihood of the majority of the world using Bitcoin is far, far less likely. There will be so many crypto options and competitors, no one crypto will ever have a too the moon valuation because crypto as a whole will be liquid and easily replaceable, so added adoption is not going to favor any one crypto heavily but be spread among dozens and possibly hundreds of cryptos. If you bought Bitcoin above $1000 and expect to get stupid rich off it, it's not going to happen.
With every rise there is increase in demand occurs, and when they are coming down, bitcoins are getting bigger in number in international market to be bought. This is simple business rule that when something is scarce in market, demand increases, price increase. The vice versa also tells about the supply and demand chain system that only responsible for this up and down.