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If the market expected the price of Bitcoins to steady increase people would buy Bitcoins today increasing Bitcoin's price, until the price of Bitcoins was high enough so that people wouldn't be confident that it would keep increasing.
Again, you are neglecting the cost of holding Bitcoins.
Suppose today a Bitcoin is worth $100, and everyone thinks that Bitcoins will be worth $102 in one year. Anyone could gain an expected $2 by a buy-and-hold strategy on Bitcoins, but that means they will have to hold their money in Bitcoins for the next year, which is not as useful as holding dollars, because it's much easier to turn their dollars into other assets (or consumption). If people think that this liquidity cost of holding Bitcoins is at least $2, then they will not bid up Bitcoins now.
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