One reason I think is because of the global phenonmenon and easy to exchange native currency to crypto. And the immutable and fixed capped supply. Huge prizes to be won for someone cracking the network.
Not everyone will hold forever. BTC's situation is really no different from gold's: it's seen as a store of value, but in the case of BTC, there's a lot of hype around it. The GME situation is related, but doesn't have the overtly greedy hedge funds at the forefront.
Bitcoin supporters will never sell, thus there is no bottoming out. It's actually just money, you're likely missing something.