I believe that Bitcoin was never conceived to be a speculative investment but as of 2020 it is the case. This can be attributed (a) to its high volatility and (b) a lack of general adoption for payment purposes. I hope that this will change in the future but for the time being let me add my two cent:
1) It is impossible to predict the price of Bitcoin since it depends on a lot of contingencies such as the legal situation. Technical analyses can not really take this into account.
2) Bitcoin is not a Ponzi scheme or a pyramid game but its price is determined by supply and demand. So a total crash, while being possible, is highly unlikely.
3) The maximum amount of money you can lose is your investment. However, there is no upper limit for the price of Bitcoin. Therefore I believe that it makes sense to invest if you have a long-term perspective.