and when the bubble is happening, greed takes over. most people either sell way too low before price goes parabolic, or they wait until after price crashes out of greed. very few people get to sell the top.
Forget personal perspective or bias on this for second, the market overall is only really going to go up with higher usage even if its just for value transfer. Ultimately people criticise BTC for not having a greater purpose, an underlying usage such as the metals or various commodities have.
gold bugs criticize it for that, and they're biased. money doesn't require underlying utility. all that does is make supply less predictable. the inelastic and linear demand from underlying commodity usage is a drop in the bucket compared to the exponentially growing value implied by metcalfe's law.
The bubble dynamic only makes me think of the time it will pop, I dont count any of that as a positive or a reason I will hold. Bubble represents the end to me and I see the US dollar debt or Japan Yen central bank buying its own government debt as the ultimate reference to a bubble and what will pop and cause an outflow of value elsewhere. BTC should be inverse not a copy of that and afaik its not a bubble or would be gone by now, it has a use believe or not some of which is unique and evolving in its usefulness to the world