Bitcoin doesn't need to have a reason for the up/down, it just has a cognitive and cultural significance of value acceptance for the possibility of value belief. Demand is improved, potential and great trust is created. Supply / demand is essentially shaped, the influence is only analytical.
Bitcoin market is primarily driven by sentiments which is the reason its 4 year cycle is still intact till date. For example, halving event is fixed hence boom of demand is scheduled. When everything is happening as per "expectation" then you may not need a proper reasoning for bear or bull markets.
After the bearish year of 2022, everyone has been expecting a different conditions in 2023, it is happening. Only in extreme conditions, we may have surprising market conditions even not for long run. The overall trend of bitcoin market is predictable due to these; hence, long term hodlers will never get disappointed.