I am kinda worried about one factor - rate of Bitcoin adoption. It seems like adoption slowed down significantly during last year, and sometimes even reverted (Steam is no longer accepting BTC)
Metcalfe's law states that the value of a network increases as the number of users on said network increases. So the number of users we have, affect directly the price BTC
Adoption is somewhat stagnant - no major company is talking about accepting bitcoin as a payment method - because they know that people are not willing to spend their coins anyway.
I am worried that "hodling' mentality of Bitcoin users, in the end, will be a very big problem and the reason for low BTC adoption.
I think those two things are different aspects, in one hand you are right when you say that business have stopped adopting bitcoin and in fact we seem to see the opposite, the adoption by new users has slowed down somewhat due to the crash but it was very good before it, the main problem for business were the high fees and I sent a transaction some days ago and the fees were very cheap comparing them to a few months ago and this is going to improve when the lightning network is working, so we will see more adoption in the future it is just going to take longer than we anticipated.
Negative speculation will discourage people and they will stay away of the market of cryptocurrencies due to the negative news. On the other hand positive speculation in the market will encourage people and more people to take the ways straight towards this market.
This improves the mind of people and brings increase in the demand factor which further improves the value of Bitcoin and other coins.