Bitcoin's value comes primarily from the demand and supply forces. A higher demand with a disproportionate movement in supply would likely result in an increase in the price and vice versa.
There are of course other secondary factors which influences demand and supply, under which you'll get finite supply/halvings and network features.
We can argue that what is giving value to Bitcoin isn't only its properties as a scarce p2p e-cash system.
There's no singular aspect which dictates the price, it's a combination of both primary and secondary factors.
• There can only be so much Bitcoin, so people would want to buy from the ones available,
• Users who want financial autonomy which the decentralized network offers would also want to buy in,
• Media coverage plays a part and can lead to a increase or a decrease in the price,
• General market sentiments such as fomo and fud also influences the value.