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%).
Where did you get that acceptance rate? while it can be said that we're not even 10% of the world but the growth of it is noticeable for the past years.
1% is probably that low. If we're going to look at the market cap of Bitcoin, it speaks volume and probably it's more than that rate you've said.
Second reason: if the economic crises will emerge, then Bitcoin falls much more than major stock indexes (just as during corona crises March 2020).
Not really at all.
As you've mentioned the covid pandemic, that's when most markets were down and so as Bitcoin but it still did well.