I think there is no evidence that this is fake Bitcoin Bull Run because there are visible economic reasons behind the bull run. Huge speculations in Bitcoin is one valid and genuine reason for the rise in the market value of the coin. In addition, crypto market cycle is also one reason for the rise in the market value of the coin. This is actually the period after recession and we are on the way to revival.
To be honest, neither is there any evidence of an authentic bull run, just because there are visible economic reasons for a bear market.
You just said the most important point about huge speculations. That is the only valid reason for the rise and fall of the coin. There is a lot of utility for sure, and that results in long term growth. But the spikes and the dips, those are all about speculator action.