Based on the Intrinsic Value and Networking Effect of Bitcoin
(drawn by https://www.theinvestorspodcast.com/bitcoin-mayer-multiple/)
This graph shows an exponential growth of Bitcoin trough intrinsic Value and the network effect. This networking effect means that the more people buy, the more it will be hyped. Users want more users, because they profit from the acceptance and a growing price. Metcalfe´s law explains this. The movement between 2013 and 2017 is defended by this law.
This also counts for Facebook, Twitter, Instagram. Users profit from more users and more popularity. Therefor it hit the media and gets hyped.
This is also the reason why some people call Bitcoin a Pyramid scheme. But if that is true, every stock is a Pyramid scheme.
Let me know what you think. Feedback is welcome :)