First reason: Bitcoin price is now clearly overvalued relative the level determined by its public acceptance rate (if 100% acceptance rate means ca one million usd, then nowadays acceptance rate is not clearly 10% but rather something around 1%).
Second reason: if the economic crises will emerge, then Bitcoin falls much more than major stock indexes (just as during corona crises March 2020).
Aren't you contradicting yourself? How come Bitcoin is overvalued and the BTC acceptance rate is low at the same time? Having an extremely low acceptance rate would mean that Bitcoin is seriously undervalued, not overvalued.
I totally agree that BTC price is volatile and the price would drop severely, if a major economic crisis strikes the markets. The question is, will such big economic crisis occur anytime soon? I don't think that there's a big possibility for a global economic recession/depression to occur in the next 2 or 3 years. Maybe the global GDP growth will slow down due to Trump's tariffs, but this isn't such a big deal.
It think that the current absolute price bottom for BTC is somewhere around 70K USD. Expecting the price to drop down to 10K seems pretty unrealistic.