There is something that we need to stabilize something, and that is the ability to inflow or outflow from the supply. BTC doesn't have this option because it has a fixed supply. If BTC can keep investors in, then the obvious way it will go is up. The fluctuation we saw is normal because everybody will book their ROI profits. That's how business works but in the long run, BTC will climb only upwards because its supply from the circulation will be reduced fast.
The fact that there is an inflation in the fiat world is the main reason why bitcoin will always keep going up. Even if the purchasing of the bitcoins power stays the same, the price of bitcoin will go on in the long run.
Like if 1 bitcoin could buy you X item and it is 30k dollars, then in 10 years bitcoin could be 250k dollars and still buy that X item, whereas someone who has 30k dollars and just put it interest in a bank account then they will not have 250k in 10 years, not even hedge funds would give that probably. Hence inflation would mean that even if the price of bitcoin is still the same purchasing power, it will be going up in fiat.
So you are saying the price increase of BTC is because of the inflation in USD only? Do you think the PPP of BTC didn't change at all? Please look at the
here. You will see how the PPP of bitcoin is on the rise against the USD. It is going up in fiat not only because there is inflation but also because cash is inflowing in the bitcoin market and supply is reducing as more investors are holding BTC in their wallet.