It is somehow speculative trading but you also have to admit the truth that bitcoin proved itself as a reliable investment in these couple of years. Market value of everything is determined by its supply and demand formula, same is for bitcoin, as number of users increasing in the market its demand is increasing and so the price. The downfall in price happens due to cash out of bitcoin users from the market.

The main reason is the law of demand and supply. Whenever demand increases and supply decreases or remains constant then there is a rise in price and vice versa. Now, it is interesting to see the reasons behind the fluctuation of demand and supply. There are more than one reason behind it and we have seen the best example in pre and post fork period, there was literally huge supply in the market as almost everyone was selling his holding due to panic selling wave and as soon as after green signal from the network, price started rising again and crossed $5K mark which is around 150%+ growth. Now, that was not the fully organic growth so then price started falling and coming back to its original level but still, it is higher than its normal level.

It's mostly supply and demand but there's alot of other factors to take into consideration. It's kinda hard to explain but i didn't understand how things went and i was in the same spot and this article helped me alot https://www.cryptocoinsnews.com/determines-value-bitcoin/ give it a go.

Exactly, demand and supply are the fundamental determinants of Bitcoin prices but others use illegitimate means to influence the demand and supply in their own way by spreading false news and causing panic selling.

I think almost all stock are based on demand and supply. To avoid loss or to even how to control how money spreads, businesses tend to manipulate prices in what they percieved so that the commodity could last longer can last longer. Also in btc when a big investors comes in, it increases and the loss on some big sponsors greatly affects the price like how china banned trades on there country.

meaning it's all based on market demand that will have an effect on bitcoin trading.
but why when big investors come in, all sponsors will potentially experience a loss?
should such a situation be beneficial as many large investors enter.
sorry if my opinion is wrong

The market, supply and demand  that's how bitcoin price is "regulated" like any other market.
High amounts of bitcoins in circulation means cheap prices and the most of people holding it prices increases.

Why can't bitcoin be considered free market as well? There is still supply and demand therefore its laws will still apply to bitcoin. What do you mean by intrinsic here? I think stock market is always affected by certain news about the economy of a country as well as that of the company.

The more who buys it,the more it increase in value so when China bans it and Chinese investors sell or withdraw their btc, the value of btc dcreases in it's price.