Speculations don't determinine the price of bitcoin; people do. Bitcoin can go up as much as 50K in any year or below 10k any year depending on the people in the ecosystem at the particular time. Speculations are not a sure way of predicting prices.
But who do you think is a speculating with the price? The people are the ones that are speculating with the price, they are the ones selling and buying bitcoin based on nothing more but rumors, fake news or just the feeling that the price is going to go up or down, speculators are really ruining this market for many of us because if it were not for them the growth of bitcoin will be a lot more even.