In all trading markets, there is no more true price or value discovery based on supply/demand anymore.
There are only two things : technicals (bot trading) and the media "narrative" du jour to support the technical trading.
That's it. (Hint: just look at the 1m chart, that literally shows what all the worldwide Average Joe retail demand there is on any given day. It's a ridiculously pitiful, miniscule amount).
So what do you think will be "the narrative" will be when Bitcoin's technicals turn over to start a new bull run?
Is there even a real narrative in the MSM? I don't think I've really read any article that was relevant or even interesting. Always hype or doom with some fluff that is quite often just flat out wrong. Seems like the only thing they're good for are figuring out when to dump a few coins or buy some more.