For now, yes. But as time passes, I doubt it would still remain a major factor that affects the price of Bitcoin. Regulation introduces control and constraints which are part of reasons why bitcoin was created in the first place. In the short term, regulation will play a part because industry leading orgs and major investors won't touch it if the regulations around bitcoin is too strict especially in countries like the United States but I know that at one point it would lose its relevance as the technology becomes more mature.