So it is a re-affirmation of someone else's conviction, rather than a fundamental bullish case that can cause Bitcoin to rise? An example of fundamental Bullish case (in my opinion) would be like more quantitative easing, or (e.g.) Amazon saying they will accept Bitcoin for payment etc.

But from what you say, it is more like I am bullish about Apple because Warren Buffet is buying it, which is rational, but not fundamental.