The issue is this: bitcoin has managed to make these consecutive ATHs because the exchanges were allowed to operate without much interference, but the regulatory landscape is changing rapidly now, and there's no way to tell how the banks/politicians will begin to act if bitcoin starts sucking up cash away from stocks and bonds.

You see, at some point a clash between the legacy monetary system and cryptos has to happen. I don't believe this is avoidable! In fact, the fight has already begun.

Just look at how many banks are sending nasty letters and closing the accounts of any clients engaged in buying/trading bitcoin.