Yeah, You're right. The basic factors of bitcoin price are demand and supply.
If demand increasing and limited supply, I think bitcoin price will go up.
I think the reason bitcoin pumps now, because there are several positive issue.
Russian allow bitcoin mining and use bitcoin as gas and oil payment.
It's really good for crypto currency market.
The truth is that we are not really seeing any pump as Bitcoin has not been able to reach $48,000 although it has come pretty close. Right now, Bitcoin is closer to going down to $46,000 than it is to going up to $48,000, and that stops the chances of breaking the $50,000 resistance, which is when a real pump can be seen. But I think it's too early to rule out a substantial increase.
Some Russian ministers put forward proposals to legalize crypto mining and accept Bitcoin as a payment method for oil and gas exports, but these have yet to be approved.