First, let's say what determines Bitcoin's price? Unlike other "money",Bitcoin is not issued by a central bank or backed by a government; therefore, the monetary policy tools, inflation rates, and economic growth measurements that typically influence the value of a currency do not apply to Bitcoin. Bitcoin acts as more of a commodity being used to store value, so the following factors influence its price:

The supply of Bitcoin and the market’s demand for it;
The cost of producing a bitcoin through the mining process;
The number of competing cryptocurrencies;
Regulations governing its sale and use;
Media and news;