I won't say that no one invests in Bitcoin because that wouldn't be true, but I completely agree with you that a very small percentage of people can afford any risky investments at the moment - and when it comes to Bitcoin, many assume that the big the bull run will not happen before the second half of 2024 after the halving anyway.
The price of BTC is the best indicator of supply and demand, and all these movements are mostly manipulations anyway, because those who have a lot of Bitcoin and fiat know how to make a fortune even if we are talking about a 5% price change.
I'd argue that holding cash is the real risk. As others have pointed out there's no common sense and people are acting opposite to what they should be doing.
USD is being pumped without any fundamentals backing it up because the industry is not expanding, DOW is actually dropping by a lot and people, against any reason, are buying and holding USD, which pumps it even more against what really has value like top stocks, gold and IMO bitcoin. To be honest, I'd rather hold yuan right now than dollar simply because of how much it was pumped in the recent months.