Since first bitcoin created, peoples always keep says bitcoin is a buble but the fact is bitcoin is good investment. If bitcoin is a buble, company like soros funds or JP Morgan or Goldman Sachs must be wont investing on cryptocurrency.
Big companies must be doing research first before investing their funds because its very high risk market but on other side cryptocurrency is profitable investment.
I agree with you, that bitcoin is not a bubble. I analyze that bitcoin will be hunted down by someone to be collected as an expensive investment, like an item produced with a certain amount when the amount is reached and no longer produced will be a rare item. Then the price is more expensive because it is not balanced between supply and demand.
So the price becomes expensive because bitcoin has reached the peak, it can continue to be expensive or even become cheap.