Too many factors influence the price of bitcoin.

The demand for bitcoin as a unit of account is influenced by the following factors:
a Large number of exchanges that allow buying and selling Bitcoin.
an Increase in trading platforms ready to accept Bitcoin as payments for goods and services.
the Efficiency and cost of transactions in comparison with traditional payment systems.
the presence of exchangers that allow you to simply, quickly and reliably buy bitcoin or sell and withdraw into Fiat money.
the Installation of cryptocurrencies.
the Distrust of citizens to Fiat money.
Economic crises in some countries.
Privacy.

The main reasons for bitcoin exchange rate fluctuations bitcoin Price, like any product, is formed on the basis of supply and demand.
This is the basis of cryptocurrency exchange rate formation. Unlike Fiat money, it is not provided with anything, is not material, does not fall under the administrative regulation of governments, in other words, it is decentralized, behind it there is only technology, the usefulness of which must be recognized.
Given the complete decentralization, the lack of a regulator as such, which, if necessary, would be able to take control of the situation in the market, the price of the cryptocurrency is formed solely on the basis of the demand for the asset from buyers and sellers.
The mechanisms of price rise and fall need to distinguish between the types of these mechanisms. Natural-fundamental (news background, technology, expectations, partnerships, idea, team activity, etc.) and manipulative — intentional pump or price dump for the purpose of rapid enrichment of the subject of manipulation.
When the pump is more experienced players, behind which large assets, artificially create the appearance of an increase in the rate and when reaching the maximum possible value at the moment, arrange a Dump, reducing the rate to the minimum values. Price increase is always a demand.
Demand has a reason-the desire to buy an asset for the purpose of enrichment in the future.
Why is there a demand for a particular asset? Often or almost always, the engine of this mechanism is the news background — events, updates, hard forks, rebranding, partnerships, etc.the demand mechanism Starts, the purchase of the asset begins — the price increases.