Now it is evident that Bitcoin price is at an all-time high. Prices have risen steeply, far too fast for my liking. I don't think such a growth is sustainable. The bubble is going to break very soon.
But what is causing such a price hype? I speculate this phenomenon is caused by the increase in the number of Bitcoin users. Hence, demand increases and supply dwindles. Thus price increases. Are there any other factors that could add to this price hype?
I don't think op this is a bubble, had it been it would have just gone up but as we saw in past few days, it corrected and again shot up. The major factor was Japan accepting it, and followed it's airlines that gave it a shot in the arm. With so many other countries primed to accept it sooner that's also helping it, and as you have correctly stated it's demand has increased a lot. I feel it's has built a resistance levels around 2000$.