For Bitcoin's price to rise significantly, a strong and widely accepted 'new narrative' is indeed required; this has almost been a historical rule for the past 15 years.
1️⃣ Bitcoin itself has no intrinsic cash flow, purely priced based on 'story' and 'consensus'.
It is not like company stocks have EPS, nor like bonds have interest, nor like real estate has rent. The real value comes from the market's 'cognitive consensus' and 'monetary premium' on it. When the old story has been digested and everyone feels 'already knows, nothing new', FOMO is hard to trigger again, and prices tend to enter consolidation or fall to find a bottom.