I am not really an expert on anything, but I've got some unique perspective by virtue of travel and study.
I just don't think that bitcoins price movement should be compared to, say, the housing bubble. Bubbles are often fuelled by loose monetary policy and excessive debt. With housing, developers take out loans to build more houses than there are people who need houses, assuming the market will continue to grow. Banks loan more money so that people buy the houses and the market keeps going up up up. At some point people are overborrowed and the rate slows. Everybody who has been building and loaning panics as they realize the growth is unsustainable, leading to a panic and crash. There is no chance that someone is going to find a revolutionary new purpose for houses. The market is simply saturated and there is no mechanism that can increase demand, except buying bad loans and dropping interest rates to close to nothing, so people can buy even more houses.
Bubbles happen when demand is saturated and supply overtakes demand. Depending on the velocity this could lead to a huge correction as people panic.
You are correct that supply or sellers are currently more abundant than demand or sellers. But the market for bitcoin is far from saturated. I think a more accurate metaphor for bitcoin is a mushroom, and we are still in the mycellial growth stage. This means bitcoin is still underground and the growth slows or speeds up depending on moisture, temperature, ph of substrate, nutrient content and so forth. When the mycellial mass has reached a critical point then the fruiting will kick in and suddenly it will appear on the world stage and 8 year old kids in Tajikistan will know about bitcoin.
Really just semantics, but I am just saying that bitcoin has a lot of potential aside from current supply and demand and that can be effectively demonstrated, whereas the value of the thousands of empty condos in Las Vegas is a little harder to demonstrate, which is why I don't think oth should be lumped in the same category.
+1 Bitcoin's revolutionary potential as a currency hasn't been realized yet. You explained it in an excellent way