What do I do to fix PlayStation?

So for a while now I think about 2 weeks my PlayStation has been having this problem. My PlayStation is able to turn on and enter safe mode. The thing is it won’t fully boot up, like it stays on a black screen and my PlayStation is only on a flashing blue light. I’ve tried everything from rebuilding the database to initializing my system. Sometimes it works until the PlayStation logo pops up then it enters the black screen, and sometimes the checking system storage screen pops up. Today I tried to boot up my PlayStation and it told me error CE-34697-9 and it told me I can’t initialize the system. I’ve googled the same problem before but it never fully answers my question, sometimes it says it’s a hard drive problem or the blue light of death. What could the problem be?