The analysis requires understanding the total addressable market of greater fools. Bitcoin, like any speculative asset, has value as long as people believe its value will go up. When there are no more greater fools to buy in, its value stops going up, so it loses value as a speculative asset. People will sell off to buy other speculative assets, causing a price drop and accelerating sell-off from others who do not want to be bag holders until the asset reaches its intrinsic utility value. Since Bitcoin is strictly worse than alternatives as a form of payment, that value is 0. While this is the ultimate price of Bitcoin, correctly estimating when it will happen requires an understanding of the addressable market, which can change sharply as different countries implement regulation.