Every major crypto bull run was kicked off by a narrative mutation:
2013—bitcoin is working
2017—blockchains can be generally useful
2021—specifically, tokens are working in finance, art, and governance
New variants will continue to emerge. Whether they'll work, idk.

If you model it like a disease, the key to look for is susceptibility vs immune response.
What factors make someone susceptible to a new crypto narrative?
What makes them immune?
(leaving aside truth value...)

What I do know is there are a lot of people who have a huge incentive to make another wave happen. So there's a huge selection pressure for any narrative that seems like it could be the engine that brings crypto back.

At the same time, there's a growing number of people who are mentally almost completely immune from the crypto narrative. It will take overwhelming societal adoption to get them to change their minds.
(Or a narrative mutation that makes crypto not feel like "crypto" anymore)

This was a huge part of the last wave, IMO.
The "web3" narrative and reframing sort of laundered crypto's reputation into something acceptable or even exciting to a random Big Tech employee.