I'm sure the naysayers will come up with yet another narrative for why the next bubble is "fake" too
Fake or not, as long as we can make dough, it's okay with me (more or less). With that said, though, what makes you think that the previous bubbles were not "fake" enough? Willy the Bot or Bitfinex the Tethers doesn't cut it, or what?
The price action. Take the 2013 bubble. It started going parabolic around $12. After the bubble popped, the price never returned below
$150. If all that demand were "fake" then why did price never return to $12 and below? Clearly between 2013 and 2015, real demand had increased significantly to keep prices so high.
You can run the same exercise with the 2017 bubble. If it were "fake" then why is the market trading at $7K right now? Why not sub-$1200, or $0?
Ask me and I'll tell you that any bubble is inherently fake.
I disagree. Real buyers meeting real sellers on the order book is as real as it gets. That's real price discovery, which is all that matters.