Competition with other cryptocurrencies: As the competition among cryptocurrencies increases, it can also affect the price of Bitcoin.
I miss the old days when Bitcoin was the base currency for almost all trading pairs in exchanges, right before the emergence of USDT (stablecoins) but even when they came into play, it hasn't stopped Bitcoin from going stronger.
I think it boils down to people having confidence in the oldest cryptocurrency over the others. People may play around with all the shitcoins they want to, at the end of the day, they always look up to Bitcoins market movements and progress.
I also love for the fact that Bitcoin is still POW even after all those years and the transaction fee is still very low most of the time. Ethereum tried to be a bitcoin killer with POW and look where it ended
