It didn't go up for any fundamental reason either, the big rise was funded by (highly leveraged) speculation. Crypto has no inherent incoming cashflows from an

It didn't go up for any fundamental reason either, the big rise was funded by (highly leveraged) speculation. Crypto has no inherent incoming cashflows from an underlying asset like stocks or bonds, and it has consistent selling pressure because miners need to pay electricity bills (and usually sell part of their mining rewards to fund that). Neither does it have a few millennia of cultural heritage like gold. I don't even disagree with your worst case scenario in that some people might stay interested no matter how low it goes, but if prices fall back to the ~5 USD per bitcoin range I don't see how that would be anything other than a collapse.