Crazy or not there are still peopled investing even if the price is at the peak, I really think this is not the end of the increase of the price of bitcoin, and there are so much for us to go in a wide variety of value, and in my opinion if the last block isn't mined yet there is a possibility that the price would still increase.
I do hold the same opinion. Like the OP said nothing is eternal and permanent, so is the case here. The price rise has not stopped yet, and if according to the OP it has stopped already, then it is not to be eternal or permanent. I think prices have not touched the peak yet and there is lot more to be achieved as of now.
The price maybe low and investors who bought last December have a paper loss but I am sure they can recover their losses in the long run. As the saying goes "Rome was not built in a day".
This market works like this only. If you are not able to work well in the short run, then surely you'll be able to make profits in the long run. All you need to do is have a bit of patience and use your wits. Just take the right step at the right time.
People maybe foolish but in a sense that they know it would be beneficial for them if they invest in bitcoin. People believe in it's potential despite the bear market, risky but with a sure profit.
That is what most of the people in the community think about the market. And trust me, this is a fact. The crypto market has got a lot of potential that is still unexplored and tit needs to be treasured out, which can be done only with passing time.