Well-known analyst PlanB tweeted: Some people believe that the 10,000-fold rise in Bitcoin prices is caused by macro/interest rates, but macro/interest rates are one of the waves driving the rise. Gold and the S&P 500 rose 10,000 in Bitcoin times has barely changed over the same period.
Therefore, in my opinion, it is not macro factors that drive BTC prices, but the scarcity/halving/S2F model.