I personally agree with pretty much all the points made, except the fact that a stablecoin like Tether has that much of an impact on what the overall market sentiment is.

The main reasons are most likely a combination of the cycles that exist within BTC markets, and the prospect of institutional investors that people expect will now enter the market within this current bull market.

It should have been clear enough that this was going to come given the fact that the fundamentals of bitcoin has only improved since the 2017 ATH, which means that the only reason that prices are kept down is because of the irrationality of the sentiment within the market. Psychological factors play a huge role.