No asset that is freely traded works like that, there is a process that is called price discovery that is what determines the price of an asset.
Basically it is based on perception, a transaction between a buyer and a seller does not happen unless the buyer and the seller both think they are getting a fair price for an asset, this process happens over and over again all over the world and this helps determine the price of an asset at any given time, however due to different circumstances that perception changes which changes the demand and the supply and it is what causes the price to go up or down, as the perception of what the buyers and sellers think it is a fair price is always changing.
We all decide it basically, that's the short story. When we are talking about "the market" that is us, the buyers and the sellers. As long as we say it should go up, we all buy more bitcoin because we believe that it should be going up, and since we buy it, it does go up, and when we say it should go down then we sell it and it does go down because we sold it. That's how the decision is made. Basically it is based on perception, a transaction between a buyer and a seller does not happen unless the buyer and the seller both think they are getting a fair price for an asset, this process happens over and over again all over the world and this helps determine the price of an asset at any given time, however due to different circumstances that perception changes which changes the demand and the supply and it is what causes the price to go up or down, as the perception of what the buyers and sellers think it is a fair price is always changing.
Certainly there will be some who say it should go up when majority say it should go down or vice versa, but the point here is that majority should say something and agree to it all together, if that happens then the market will decide on the price of bitcoin.
