1. Competition
2. Market correction etc.
Though there are many to be listed but to make it snapy this is the two I have to discuss for now.
The Competition aspect is as a result of many new coin surfacing the market which is misleeding some bitcoin investors to sell off there bitcoin and going for some social media trending shitcoin. This will reduce the numbers of investors we have in bitcoin. Although it will only dip for sometime and also pick up because the more people are leaving the more people are coming. Even the market correction and the spot ETF bitcoin which are also the elements of bitcoin increase and decrease doe not stop the growth of bitcoin. If investors pull out there money from bitcoin Investment after the approval of spot ETF, and the price didn't increase more, I believe other people would still have a good reason to invest in bitcoin and surely the price of bitcoin will rise. Even the market correction can't even slow the price of bitcoin because it is a normal thing and the price will still rise. All am saying in essence is that bitcoin price must rise no matter the circumstances. Bitcoin has come to stay
Competition?. Well from the general angle of business matters, competition plays a massive role in determining the price of goods, but looking at the massive gap in terms of price and market cap between Bitcoin and alt, can we really say that competition is a huge factor in determining price?. I think this point (competition) can be trace back to one thing, which is:
demand and supply . If you had use "demand and supply", then there should have been a better form of correlation.
From the principle of economics, when the demand is high, and the supply is low, the price tend to increase. While going the other way round would lead to a decline in price. We've seen this happen for years.
Aside demand and supply, I think
Rumors also play a significant role.
As for the underlined text above, there is a bit of misconception there as you've also stated that market correction can't slow the price. I will appreciate If you could explain better on how that point matters.
These are the few I can mention -
1. Demands and supply
2. Rumors(news)
3. Regulations ( which can also be traced back to number 1, by either increasing or decreasing it), etc.