Yes, it's driven by demand and also, the consumption of electricity for it to maintain the network is its back-end. That's another contribution to its value that it has right now.
The reason why many bashers bitcoin has is that they cannot stop its growth. The reality is sinking in that bitcoin is bound to get up and with the halving that it has every 4 years, it'll make its price even higher.
Yes, the Bitcoin halving symbolizes bitcoins deflationary and has been the core of the bull case for bitcoin since its inception.
Yes, many still don't realize that it's the cause of the bull runs. Whether we're having institutional adoptions, this is what they're also basing with their decisions.
Just wait and see because when we're closer to the halving, this is going to cause many institutions going to have some sweet words again about bitcoin.