Most of us don't know the real / correct "acquisition" price for Bitcoin (i.e. the minimum price to mine it). Most of the trader wannabes know even less.
That would be a starting point.
Then there are the news telling the Bitcoin is dying (I'm not sure how can be dying a technology, a software actively developed and successfully used every day), a lot of influencers trying to convince people to avoid Bitcoin or even sell at a loss. Many don't understand market cycles, many don't understand that as long as they don't sell they didn't lose anything.
So most don't understand what could be the intrinsic value of Bitcoin.
And I'll get back to my early days in crypto. Back then almost a mantra was that 1 DOGE = 1 DOGE. Yes, 1 Bitcoin = 1 Bitcoin in the same way 1 USD = 1 USD. Bitcoin is a coin, a currency, no matter how bad many (including us) advertise it as an asset. And this makes the intrinsic value of Bitcoin subject of what the "free market" dictates. Just the "free market" in this case is unregulated hence the price can get dictated by whales, bots, exchanges and #@^^ knows who else.
So we don't know enough to properly tell what's happening and when will this end. But "this" should be part of a cycle, the history has already shown that to us. So, sooner or later, the upward part of the market cycle should also start.