Bitcoin limited supply has made it a store of value and its price will continue to increase over time. Since the supply is at a fixed point, there is no possibility of inflation.
Bitcoin is inflationary, and it will continue to be true until 2140 after all 20.99M bitcoins will be mined by Bitcoin miners as Bitcoin block subsidy.
The chart of Bitcoin supply vs Time shows what I meant and you can read it in Bitcoin Wiki on Bitcoin Controlled Supply too.
https://en.bitcoin.it/wiki/Controlled_supply
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Demand is increasing but the supply is stuck at the same point, so the price of Bitcoin is likely to increase further in the future.
Supply increases and demand becomes bigger with time too so I disagree with you. Bitcoin demand increases faster than Bitcoin circulating supply increase with time, it is a more accurate way to say about this.