What are the factor to consider that would affect the price changes or price elasticity of the Bitcoin? This is what I have read:
1. Bitcoin supply and increasing/decreasing demand
2. Bitcoin in news: Influence of media on garnering negative and positive publicity
3.Bitcoin users and developers influence the rise and fall of price.
4.New technological changes to Bitcoin
For discussion for the above mentioned. You can check this link:
https://hackernoon.com/factors-influencing-bitcoin-price-cfabdf634894How about you? can you add more factor that can affect the price of the bitcoin? Comment below.
Actually, points 1-3 are heavily demand and supply related. If a buyer is willing to pay for a coin then that will be it's price. Media concerns (ie banning of bitcoin in a country) then the people living in that country will sell their coin, increasing the supply therefore plummeting prices. Lastly is tthe 4th one. New technological changes are done at the beginning of a fiscal year hence the price drop every new year. What's the lesson here? Hold on to your coins