Speculative investment. buy low sell high. The hype of the new economy. Hot air balloon floats high into the air but as soon as it runs out of energy it soon return to where it started.
When asking a question whose correct answer leads you to making a profit, you may want to consider that nobody with actual superior information is likely to give you a truthful response. Since that information is very valuable, such a person would act on that information directly, without sharing it. The converse is also true, anybody who gives you a response you can act upon is guaranteed not to have superior information, for if they had such information, they wouldn't share it.
Wall Street veteran Peter Brandt, who made a name for himself by predicting bitcoin's devastating 2018 bear market, has called bitcoin's low for July 2020–two months after bitcoin's closely-watched halving event.
I believe that Bitcoin was never conceived to be a speculative investment but as of 2020 it is the case that most people use it like that. This can be attributed (a) to its high volatility and (b) a lack of general adoption for payment purposes. I hope that this will change in the future but for the time being let me add my two cent:
1) It is impossible to predict the price of Bitcoin since it depends on a lot of contingencies such as the legal situation. Technical analyses can not really take this into account.
2) Bitcoin is not a Ponzi scheme or a pyramid game but its price is determined by supply and demand. So a total crash, while being possible, is highly unlikely.
3) The maximum amount of money you can lose is your investment. However, there is no upper limit for the price of Bitcoin. Therefore I believe that it makes sense to invest if you have a long-term perspective.