Check again. We just hit the $8500 resistance earlier this day and it's still showing signs that it's not losing steam or whatsoever. The previous bull run might be planned, but serious amounts of new money flowed in due to people wanting to take a piece of the pie and also the FOMO mindset kicked in, especially when it hit $10000. Everyone thought it was sustainable still, especially those who aren't familiar with the markets, but ever since it hit $19k, no one was willing to buy bitcoin except those who are clueless on what they're doing until bam! Everything crashed. As for the regulations, I seriously don't think this will do more harm to bitcoin than good, seeing that it helps the market grow and mature.