At my initial stage in bitcoin investment I was made to understand that demand and supply determines the price of the bitcoin and I believe it's true, if you take a look at it, when there was so much hype, the price shot up because the demand was freakishly high, but right now everything seems to have gone down and it did so with the price.
But there must be other factors other than this that determines the price, but this happens to be the one I'm very sure of