I think that at this stage of development Bitcoin depends on the government that is, it is from the decision of the ETF and of course from the bullish mood in the market !)
The utmost affect is the demand factor which is involved in almost all type of investment sources, if we demand for it then it exists and if we do not then it does not exist forever. We need the Bitcoin for the ease it makes for us that is why we are investing in it as an investment source it benefits us a lot. Furthermore its payment mode use is also in benefit and of great importance among all the payment sources.