I saw Charles' post yesterday. I think another way to think of his point is Bitcoin riding from bubble to bubble, ultimately following the curve of adoption. I like his relationship with Metfalfe's law, I would make similar statements.

In the context of the primary cryptocurrencies, the network effect (and The Smith Corollary to Metcalfe's Law) is one core driver of valuation: the more individuals and organizations that start using cryptocurrencies, the higher the utility value and financial value of those networks (cryptocurrencies).

We are just waiting for the institutional money. It is coming.

My recent post: What it is like riding Bitcoin bubbles: an adventure through the present cryptocurrency explosion dives into some of my opinions on the Bitcoin bubbles.

Bitcoin is at a new high. It will retrace somewhere. Just like it has done time and time again in the past; each explosion reaching yet another all-time high. How high will it get? That is something I don't regard a topic worth debating deeply today. The next "all time high" will probably be somewhere in a range that evokes similar emotions as 1200$ did to those intimate with the technology back in 2013. This said, an argument can be made about a different, more educated, market landscape today - less willing to sink too deeply too quickly.