This is nearly exactly my thinking. The underlying process is people learning about bitcoin and starting using it — in the beginning this can be exponential process because people learn from one another. I think this is still ongoing, but it will reach its limit in this bubble. The price depends on the number of people using BTC, it is not a simple relation, more like a beer game or something similar — but the crucial point is that it is the same bubbling behaviour happening at different scales.