Bitcoin has both derivatives and fractional reserve selling at a massive scale. The exponential growth of Bitcoin was doomed roughly 3 years ago. Yes there may be a 10x again, but only if exchanges fail, pegs fail and the dollar collapses. Bitcoin is now in big-boy territory and the establishment is not going to surrender. Bitcoin's strength of decentralization is also its weakness, there is nothing to stop bad actors from corrupting the entire ecosystem.
Bitcoin derivatives and fractional reserve not nearly as massive as the global fiat debt system.
Also Bitcoin hard 21M cap, compared to infinite money go brrr financial system.
If another black swan like Covid happens again, you will easily see another 10x again in bitcoin's price without, as you say, exchanges, pegs, and the dollar collapsing.