As others have pointed out, it also runs up less in percentage terms during the resurgence. If, as you posit, Bitcoin is becoming less volatile, then the question will be what the demand looks like when it is no longer a way of getting exposure to potential large upside. In other words, a lot of people have bought it in the hope that it will double or more. How many will buy it in the hope that it doesn't go down? Perhaps it will happen, but it's not obvious.
ArtTimeInvestor|21 days ago
That would mean that Bitcoin is pure monetary value. In that case, it would suck out all the monetary premium from other assets like real estate, equities and gold. The monetary premium in those is probably a few hundred trillion. So by that time, Bitcoin's price should be 2 orders of magnitude higher than today.