or... the people who are front-running the "cycle" (which is an imaginary thing actually) are the only reason the price is as high as it is now, and this is just a dead cat bounce before it goes down again.
Only time will tell.
TERA I do disagree with your comment earlier that we are seeing de-adoption. By the metrics I follow:
- blockchain.info web wallets
- coinbase wallets / merchants
- transactions per day excluding popular addresses
- network hash rate
- Reddit r/bitcoin subscribers
we are still growing exponentially and with the same "time constant." Bitcoin is like a (good!) virus spreading across the world.