We're down 19.5% from the $789 top, half a percent from a bear market, and still $500 down from the ATH two and a half years ago. I blame the delayed recovery on Core and the lack of on chain scaling.
ATH was phony GOX price point. Probably would never have made it half that far with a real market. As for current 789 top. You are in a healthy correction in a perpetually growing valuation.
Right now with the halving Bitcoin is in new price discovery mode. I wouldn't be surprised that this current triangle resolves down instead of up. Probably needs to go sub $600 to kick off next big leg up.
Block size is not a concern for BTC because BTC is not a transaction type of currency, it is a store of value currency. Nobody cares if it takes 10 minutes to transact in bitcoin because that has been how long it has taken for confirmation since inception. And nobody that is waiting 10 minutes is buying a cup of coffee.
What is a concern is competition. I think there is a 50% chance that Bitcoin is replaced within a year with a higher valuation currency. Bitcoin is currently one alt-bubble away from being lapped... once that happens chaos will ensue because there will be just too many choices competing for crytpo dollars.