I think the main variable that influences is psychology. We are not ready for the next correction, which makes the market counter our desires. When the market is pumped we are still waiting, and when the market starts to turn around we panic faster, and that's what causes the bear market to continue.
That is true because of the peak of cryptocurrency that year that saw a $19K USD price from BTC people are panicking from the multiple dips that happened this past months and people are now in doubt whether or now the market will be the same from last year specially that the market hit another dip last weak, but for me this is going to be the last dip that will happen and it will go up in price again.