Afterpay. Caught between a rock and a hard place

On one side is the move into BNPL by behemoths like Paypal. I believe Visa and Mastercard will follow.

On the other side is CBA and it's BIG 4 protection from the government. I believe Westpac, NAB and ANZ will also follow.

In between is Afterpay, with a leading position in an increasingly regulated and saturated market.

With tech now under much pressure, I am wondering whether Afterpay has seen it's highest price for quite some time...maybe forever.