The euphoria and delusion is wearing off, and when that's gone all that's left is utility, which is still too low to be at this price. Eventually future potential has to be realized, and that's what Bitcoin's current problem is.
I wish there was an actual use other than the speculation that boils up from time to time. It's not only something that Bitcoin suffers from, but basically all crypto currencies. The insane amount of speculation has completely demolished any sort of understanding of what crypto is about. Everyone here is part of riding the hype train (me included), which is understandable on one side, but irresponsible and quite harming on the other side. In all the years that crypto has been available nothing really changed for the better. It's still speculation that thrives the market, and I don't know if we will see any change of significance in the coming 2 to 3 years....
It still is speculation that drives the market because speculation is all that ever drove the market. The only difference is the amount of money being speculated with. Back when Bitcoin was worth fractions of a penny and wasn't usable for anything, you could pick up thousands of coins for $20. A couple months later, if you could flip that for $100 while the coin still wasn't usable for anything, that seemed like a pretty good return. There was no indication at that point it was ever going to be useful for anything. But the person buying for $100 was speculating or caught up in the novelty just the same as the guy who bought it for $20. This has been repeated through thousands of cycles over the past decade or so, and with most cycles bringing larger amounts of speculation each time. Eventually, it entered mass conception that this would eventually be a payment platform to rival or replace the dollar, and the deeper that notion took root, the more reckless people got with their speculation. There is no reason now to expect it will, or could, replace the dollar. In light of this, all there is is unrealized potential, and that potential seems wildly overstated. And yet, this is what the speculation is based on.