Bitcoin's growth began in early 2017 and then it touch 20000. Bitcoin's largest growth is due to the ability to trade with tether dollar. With this growth, a huge growth in ICOs appeared. Nowadays about 30 ICOs are added to the market. This huge volume of ICOs, has taken the power of bitcoin growth. Like weeds next to a tree. Bitcoin will not grow until ICOs exists.
It is true that a huge amount of coins is extracting money from the market cap of bitcoin, but that is not the real reason, this market is big enough that it can accommodate hundreds of coins, the real problem is the lack of demand, the demand for bitcoin was skyhigh in December 2017 and since then the demand has gone down dramatically, something that is completely understandable because a lot of people were only interested in investing in bitcoin when it was going up in value.
But even if I think that the reason that you are giving about why bitcoin is not going to go up in value so fast is wrong at the end you have the right conclusion, bitcoin is not going to touch the price of 20000 anytime soon and people need to accept that fact.
