I have no great basis for this thought beyond it being "gut feel".
My sense is that as Bitcoin becomes more expensive, its price base will become more insulated. That is, the massive valleys we've seen on the historical price charts will become less likely to occur.
My thinking is this: the longer the technology holds up, the greater people's faith in its ability to survive and thrive. In turn, this creates a seller's market, where holding for investment purposes becomes a more compelling proposition. That means more people will buy and hold their Bitcoin, banking on its potential to continue to appreciate. Rinse and repeat... the price continues northwards.
The ultimate result in this scenario will be less liquidity of larger transactions.
Of course, so many factors (macro, micro, technical, etc) combine to contribute to the price of Bitcoin, but this seems to me to explain, in part, why we are on a steady upward trajectory at the moment.
there is a little bit of logic possible but for this u need to understand and research the whole antrophologic situation,
Bitcoin rose in value because, the national central bankers which had a currency printing monopoly where distrusted an anonymous issued currency decentrally protected by miners with a fixed supply wasnt possible to be fought by the national moneyprinting bankers, using police and lawyal enforcment in order to protect their monopoly, so there was suddenly an alternative, that is what made bitcoin big it was the distrust with the bankers, now after bitcoin many other cryptocurrencies got issued, with similar protected systems, there werent as successful and only fame and technology is keeping their value up and belief in it like the belief in gold.
so to further research the development of a cryptocurrency i would reccomend u to research the source of the liquidity which is exchanged for the cryptocurrency u are looking on, it might be very likely that the worlds rich banking elite is now putting money into bitcoin, for A: to hedge themselves and B: to prevent more kryptocurrencies.
but there is a 3rd possible reason and that is the exchanges themselves might tell untrue information and might be gimmicks and tools that u cannot know as well.