It definitely was FTX and their fraud of keeping people from buying BTC to dump into shitcoins that kept Bitcoin’s price depressed during the last cycle. Will this cycle make up for it and put us back on track or did FTX set us back 4 years. I guess we’ll see if the market only goes up to $150,000 or if it makes up for the last cycle and shoots up over half a mil…
IMO, if the market can make up for the loss of momentum starting in 2021, preferably within a year or so, while the world economy keeps generating the needed fiat fuel, the party which FTX was crashing will likely continue. Emerging adoption on a broad scale, like mentioned in the article Biodom shared, would help for sure. We'll see how man contibuting factors and dynamics will come together, and if they will drive each other (directly or indirectly), it could be enough to start off the "Supercycle" missing the blowoff-top, but further increase of value.
We might live through one or a few more cycles to finally witness Bitcoin's scarcity effect kicking in.