Forget supply and demand... what about the contagious wild fire and lust for btc?
That was last year. Look at
Google Trends for "bitcoin". Bitcoin is old news now. Notice that the Google Trends graph for Bitcoin strongly resembles the price graph.
Here's a useful Google Trends chart:
"bitcoin" and "second life" Second Life was a hot concept in 2006-2007, a true 3D world anyone could visit on line and create their own content. Second Life is an excellent, impressive technology. It's still around, and it works fine. But it has 6% of the attention it had at peak.
Bitcoin's trajectory looks similar. Bitcoin's attention level peaked about a year ago, and it's now down to 25% of its peak search traffic. That's about where Second Life was a year after its peak.
This is what a niche product in decline looks like.