I want to know what determines the price of Bitcoin as the year always come and go. I was researching on when Bitcoin was created and how the price continued to grow as every years passes by, tho the price continues going up and down but regardless of the unstable price, Bitcoin continually experienced growth in price and market size, that's why I want to ask if the price of Bitcoin is determined by only investors/buyers, if that's a yes, then does it mean that if everyone take a pause from buying or selling for like a week or more, the market will stand still? A good explanation will help me understand this thing better.
The law of supply and demand applies to the Bitcoin market. The reason why the Bitcoin price was low at the beginning was that few buyers were chasing a large amount of Bitcoin. It was cheap to the extent that people were freely giving out coins. But with the new dimension of institutions investing in Bitcoin, it has become expensive.
Another factor that determines or affects the price of Bitcoin is the halving. During this season, few coins are mined, which means less supply in the market, causing the price to increase.