This is all true. But the bubble pop has causes. The inability of new speculators to keep fueling the bubble through credit card spending is certainly one of those causes. And probably a significant one.

Many greedy and naive speculators probably bought BTC and other coins on debt using credit cards, leveraging borrowed money. When the market moves against them, they have to panic and sell, and new risky speculators can not get in ad speculate the same way others did before them.