do you think it also relates to other factors?
Not at all. There were
so many attempts to "couple" Bitcoin price with this or that. It worked out at some point then it went completely to the other direction some other times.
Of course, now, with governments increasing the inflation quite rapidly, one would say all of them are related, since all smart people run away from fiat. But no, sooner or later they'll "decouple" i.e. show that there was never a relation.