according to my analysis why the price of bitcoin has not reached $75k, it could be because many countries still refuse bitcoin to be used as a legal medium of exchange, even though many companies have accepted bitcoin as payment. because this is one of the factors that can prevent bitcoin from penetrating the new ATH and investors still choose the dollar as a safer investment in the face of unbalanced market fluctuations.
The highest price btc has achieved is only 68k, this was still close to 75k and if btc managed to achieve 68k then why not 75k? btc can do it even if no new countries will join the adoption but as long as the existing countries or users will unite for once like they won't sell or panic but they will just hold on calmly and buy more BTCs.
Many factors can contribute on the price of btc, not just the legalization or prohibition of btc although this can be the main thing that can heavily influence the price. This is where it all starts before anything else. USD is not heavily volatile as a crypto but are you sure it is safe? this isn't also an investment because its price is stable anyway.