Seeing bitcoin increasing in value it shows it is an asset to invest in that has good potential for profit. Their are some cryptocurrencies that their prices are not increasing, it is very risky to invest in coins like this. The increase of bitcoin price shows how bitcoin is valuable in the market than every other cryptocurrencies.
Bitcoin is valuable not just because it keeps increasing. There are times when the price of Bitcoin falls for a long time. But as long as the technology behind it and the trust in it remains, these bear market periods will pass and Bitcoin will rise again. The reason people trust Bitcoin is that it cannot be manipulated like other currencies, it cannot be printed out of thin air, and it acts according to predetermined rules. What really makes Bitcoin valuable is the mathematics behind it and the set of rules that have been thought, pondered and perfected over many years.
Yeap, Bitcoin is Valuable because it has volatiles which follow a specific cycle as you mentioned the bear and the bull and wise people's are taking full benefit of it.
Btw in my personal opinion, I think there is one big fact here that's is why bitcoin is valuable and the reason is it is limited to only 21million for whole 8 billion peoples and the upcoming.
Many people wonder why the price of Bitcoin exceeds the previous ATH price every bull season, here is the simple answer. Every year millions of people are coming to the world I mean are being born

, and if we think a little more, every year technology is reaching new people, and at the same time new people are also wanting to know and adopting Bitcoin, and for being limited it increased the demand, And the bull season creates a much higher all-time high price than the previous bull season.

And this makes bitcoin more Valuable .