The higher Bitcoin goes, the more profitable it becomes to mine it, the more people start to mine it, buying mining rigs and electricity, and the more expensive it becomes to run the network.
Wonder why no bullish “analysis” ever mentions this self-defeating price/cost cycle? https://twitter.com/business/status/1343210143543152641

Because it’s every Bitcoin bull “thesis” cancer. It’s impossible to account for a rising price, when it means that miners are going to dump ever more notional amounts of Bitcoin, without assuming ever rising amounts of greater fools throwing their money into the mining fire.

At current prices, the market equilibrium of Bitcoin market rewards is $25M per day, or $300 per second. It costs $25M per day for Bitcoin just to exist. Talk about a “store of value”.
Any “analysis” that doesn’t deal with this is just shameless shilling, no matter who wrote it.

Re: butthurt bagholders who will explain that it costs to mine gold too.
Once gold is mined, it doesn’t cost a penny to keep it. The gold you bought yesterday won’t disappear from of your pocket & into someone else’s because you stopped buying more gold to pay for further mining.

Once you become an “investor” in this pyramid scheme of pointless and useless database entries, you’re bound to keep buying ever more Bitcoin to pay for its existence. Or find someone else to keep buying it, in an infinite loop of negative yielding financial hot potato.