Is bitcoin really sustainable in the long run?

This isn’t FUD. I own BTC. I think it’s revolutionary, blah blah… but I have been really thinking about the sustainability of BTC and would love the communities thoughts on my concerns. Hopefully they are unwarranted.

So much of the headlines that I see are about how many miners might shutdown with the halving as it just may not be profitable anymore for many and this is what got me thinking.

To sum up my concerns:

1. The success of bitcoin largely relies on the miners and the need for there to be many miners in order for the network to remain decentralized, right?

2. Not just anyone can be a miner today, you need to have some serious cash in order to be a successful miner, right?

3. If the price of bitcoin does not significantly increase (at least double) with each halving, then mining does not become profitable.

So based on those 3 facts (please correct me if I’m wrong), the success and sustainability of bitcoin relies on the price to keep increasing, which it could, but if everyone decided bitcoin was worthless, then it would just crash and go to 0.

I am of the belief that bitcoin has no intrinsic value. It does have valuable properties (immutability, secure, decentralized, etc.), but it really doesn’t have intrinsic value based on the true sense of the definition and if that’s the case, then the price of bitcoin is purely speculative.

So what do I have wrong?