More likely is the smart money is holding back the bubble to violate trend lines and cause dumb money to sell. They pick up as many Bitcoins as they want, and then the bubble starts.
Sure, but this trick will take 1-2 years I guess. Right now everyone is too optimistic about Bitcoin, so we need way more time to cause "dumb money" to sell. I think 1-2 years are enough for that.
I'm not sure where you got the 1-2 years. This kind of thing happens quickly. If dumb money thinks the floor is collapsing, the sell off will be sharp. It would be another SR event, followed immediately by the next bubble.