You have described the market milking process very accurately.
Theres machine learning algorithms in the mix, and it all works perfectly smoothly, until it doesn't.
Smoothly here, being defined as the markets emotional feelings about it all, not, the price went up.
The price went up because it could, as you pointed out.
The price went up because demand went up. If you want incentives to build more infrastructure to produce more supply so the price can come down, it has to first go up.
Everything, everyone, has ever said, to another human, was a market signal.
I agree completely.
Bad faith response.
When I said "milking" it was an attempt to summarize market mechanics.
It failed, and I feel we are all the better for it. :D