I think that there are many reasons but the main one is that governments don't accept it and people are afraid of facing risks as well. However, I think that it is more than one factor
there is a possibility of market saturation, because all products will always be corrected if they are at the highest level, which is called market saturation, but things like this should not last long, because the market will rise again, seeing great potential in the future, bitcoin will always be used as alternative payments or to save the economy of a country, for example Venezuela, which has hyper inflation and starts using Crypto as a rescue tool.