Teachers are still discussing "how many times it can be pushed," but as soon as it hits a certain price level, it gets liquidated and drops back. Essentially, they haven't understood the market structure. The price isn't about how high it can be pushed, but about how much liquidity can still be exploited.

Stopping at 12.5 isn't because there's no money to push it higher, but because there are no more retail investors to take the other side + their own long positions are being liquidated. The open interest has dropped from 100 million to 60 million, and that is a signal.
As long as liquidity remains and there are still people willing to short as the counterparty, it can continue to be pushed up. Essentially, it's an unfair game; it's not about a high FDV preventing movement, but about how many big fools are still standing on the other side.