Something that I think that is often overlooked is the fact that in spite of a cryptocurrency being deflationary or inflationary, if it doesn't have any usage, it can get to a pretty low value regardless. Let's put any of the random shitcoins around that had many buyers before a pump & dump and then absolutely disappeared together with the lack of usage, projects and public image.

Imagine that they were deflationary, but if they cost 1 cent and they grow in percentage, they may be worth 2 cents by the end of the decade (if anyone still has a backup of the blockchain).

BTC is deflationary, but not in a proportion that justifies the current increase in value. This means that if BTC fell more in value, there would not be a guaranteed increase in value that would compensate the buyers who bought at 19k USD or right now in any case.