As you can see this year bitcoin exploded in price , from 1500 to 6000$ and is still growing up . Before this year bitcoin hasn't a good growing like this year . Bitcoin is not determined by time , is determined by people's interesting

There are many factors which determine current Bitcoin price. Recent exchange ban in China is a good example. The price had fallen because of it but it also recovered in a short period of time. Bitcoin has a value because some people treat Bitcoin as a long term investment so they are willing to pay a lot for it. To create 1 Bitcoin we have to use electricity and dedicated hardware. The same thing applies to fiat money. Special equipment, paper and most importantly people are needed.

-low supply for the huge demand what makes it rare and expensive
-the costs of bitcoin is another reason for the expensive price
-Bitcoin legacy  has earned a world wide publicity there are some people that doesn't know any other coin in crypto but bitcoin
-most exchanges you can buy and sell other coins with or for bitcoin
and i think there are more reasons that bitcoin can be determined with....

The price of a bitcoin is determined by supply and demand. When demand for bitcoins increases, the price increases, and when demand falls, the price falls.

Well, bitcoins price is hard to know for beginners. I mean, the signal on when to buy or when to sell. That is part of the technical analysis of the market. You need to study now the basics. Candlesticks pattern and indicators.

Beside of supply and demand factor, there are more things which can detemine bitcoin price, such as big news, hardfork, and etc. The most big news in recent month is JP Morgan Boss said, bitcoin is a fraud and can be used by drug dealers or murder" https://www.theguardian.com/technology/2017/sep/13/bitcoin-fraud-jp-morgan-cryptocurrency-drug-dealers

When that news release, bitcoin price go down and very slowly to recover.

It's all based on the demand of the general public users of accepting and making transactions with bitcoin.
If the demand is high then the rate will be increasing.
When the demand falls the bitcoin price falls.
In simple we are the one who is determining bitcoin price.

Here you go mate

hope this helps

https://www.youtube.com/watch?v=LwLh6ax0zTE

https://www.youtube.com/watch?v=3ez10ADR_gM


Seriously BTC is one of the best examples of a free market system you could ever find

Many factors play role in influencing the price of Bitcoin or Bitcoin price determination few major are as below;

1.     First and foremost, the Demand & Supply ratio of the Bitcoin – If demand is rising and supply is Now limited then the price will go up, the reverse will be applicable in vice a versa case.

2.    Acceptance of Bitcoin in Mainstream  :  Many companies have started Bitcoin acceptance as a means of transaction, this acceptance in the mainstream has a positive impact on the Bitcoin price.

3.    Government regulations and notification : Time to time in many countries government is issuing notification about Bitcoins, if these are in favour Price goes up and else, price sees a downward trend.

4.    It is being an cryptocurrency, changes in technology especially related to web based applications, cloud, softwares and hardwares also affect the prices.

Bitcoin price is determinatin depend on the demand of each user. If the demand for bitcoin much bitcoin price will be high. As well if bitcoin demand decrease bitcoin price will decreas to.