nonetheless 'bubbles' will happen.

I can't beleive we are at full adoption or even anywhere close to full adoption. There's about 3.5 million non-dust and non-zero addresses in use. I assume on average bitcoin users have more than 3 addresses, probably even more than 10. But even if we assume every person has only 1 address that would mean at most 3.5 million people own some bitcoin.

This means we still have room to grow, and growth of userbase is exponential in nature. By extension than price increases will be exponential as well.

So, if growth is not exponential something is very wrong.

This doesn't mean a couple of months of stagnation can't happen, it just means at some point it has to correct upwards to make up for the stagnation.