Imagine that Motorola - the first company which manufactured a truly wireless communication device in 1983, designed its production system so that it can produce only 10,000 mobile phones a year. Now, does that mean these phones would have been more scarce every single day because the population is almost required to increase its demand? And would that mean the price of Motorola phones will rise to $1,000,000? No. Why? Because people will simply associate and produce their own wireless communication devices, as these devices are just chips, resistors, transistors, capacitors, inductors, and diodes joined together the right way. And it s not only Motorola that is capable to put electronic components together.
In the same sense, bitcoin is just numbers associated to addresses that are transferred through the network from one address to another via some protocol. And it is not only Satoshi Nakamoto who is capable to design such paying system. This system is not Michelangelo's Pietà or Leonardo da Vinci's Mona Lisa. It is just numbers, addresses, database, and protocols. Everybody is capable to create that. So, no rational reason exists for bitcoin to cost 1,000,000 dollars. There is no reason for people to enter into fast, transparent and cheap payment system for $1,000,000, or even $10, if they can enter it for $0.001(altcoins) or if they can associate and design their own crypto payment system.
Bitcoin is simply a mega-bubble that diminished people's ability to think rationally. Bitcoin can only go down to the price of an average coin. Just like Motorola's phones have prices of average phones.
For the record,
You are Absolutely Correct in your observations.But the Bitcoin nutjobs that roam this forum, refuse to see the truth in front of their face.
Excellent points you made.

FYI:
For the naysayers, Bitcoin price bubble busted at 20K, and it has been in a downward trend since that bust.
For the clueless that point to dead cat bounces claiming that is a reversal of the downtrend,
for the downtrend to reverse means 20k has to be reached and that is not happening.
Anyone not selling on the very short upticks, will lose out in the end.
Because the overall trend is down.