My personal opinion is that the prices are driven by FOMO / hype / speculation, just like they were in 2014 and 2018. Big spikes in price that last a couple of months, then back to the trend-line. That line is growing with time, even a bit more than linear - a very slow exponential growth.
From the people I speak with in the BTC camp, you seem to have two parties:
1) Those that believe crypto will replace fiat, and sincerely believe that there's no point in trading crypto for fiat - so they only purchase, and never sell.
2) The vast majority: Those that wait for some magic number, and will sell as soon as it's been crossed.
edit: with that said, I think fundamentally a lot of institutional investors are getting in on the game because of zero interest rates, uncertainty around COVID, and in general trying crypto out for alternative risky / high-yield investments.