Why not? What will sustain the value of bitcoin in long run? Is bitcoin meeting an unmet need?
I believe bitcoin and most of the altcoins won't survive for longer. There might be one or more cryptocurrencies that can make it big at the end, but that might not have been launched yet. Bitcoin just can't keep on running because of first mover advantage. Technologies go obsolete and hence bitcoin can't be a store of value. I believe market is such a mess right now that most of currencies you are holding for long term will go 0 in coming years. Here I am not talking about BERL (bitcoin, Ethereum, Ripple, Litecoin). But these are highly overvalued right now.
Market is irrational right now and irrationality always ends in tears.
You're damn right, and i agree with your points. We're seeing a crash right here right now and it's irrational to assume that a crash equal the size of the last 2013 crash wouldn't happen again. It's just absolutely absurd to think that this bubble will never end either.
However, i have to disagree with you about the long term pricing of bitcoin.
Bitcoin is backed by the people using it. And no matter how good the technology behind altcoins get, it doesn't matter. All we needed in the first place was a decentralized way to pay. We don't need no smart contracts, no decentralized car towing or all that nonsense.
Bitcoin's value will in my opinion be preserved in the long run, however there will be pumps and dumps that will affect value in the short term.