Depends. Currently there is a base of true believers using BTC as a store of wealth. The day to day price is set on the margin by traders who view BTC as the ultimate risk asset. The base creates a scarcity floor for the traders to oscillate around. The % in each camp is shifting towards holders as I understand it. Once the holders truly take over price will go up on a flight to safety. Until then price goes down on a fight to safety.

So the question is how fast is the Bitcoin transition happening and when is the next crash?