The elephant in the room is still the same, what will bitcoin (or any blockchain for that matter) be used for besides speculation at the moment? If the ETF's and the MicroStrategy's of the world continue to acquire and hoard btc, there will be a speculative liquidity issue which should drive price higher and higher.

On the flip side, if big money hoards a large percent of a blockchain, users and developers might flee as it becomes no different compared to centralized currencies.