I would assume the only thing logical about the crash would be the amount required and not the percentage. For example in order for price to go over 1.5k to 20k it required less money versus the money required to make it from 20k to 40k, because each time you buy at 5k to make it 10k, you bought it at 5k, but right now you bought it at 30k to increase it, so people are spending more and more money to buy bitcoin to increase it.
I am not saying crash would come quicker, I am not saying we will not be going any higher, I think we are still in a bull market and we are still going to go up a lot more, I just wanted to explain what the crash expectations are all about. Since the money required is a lot more these days, same people expect bitcoin to be a lot lower right now due to how much money was required, that is why I believe they think it may go down.
Possible, but I have 2 things to say on that.
First, you're only considering demand, not supply. If, for example, available supply is halved, then all else equal, price should double. Bubbles are all about supply evaporating from exchanges.
You also may be underestimating demand. Many investors do not FOMO; they are waiting to absorb selling pressure in any crash. No way they let it go down to $5K, or anywhere near it, for the same reason BTC has never been able to break the 200-week MA. The dry powder waiting to enter this market is immense and easily underestimated.