There's a limited supply of BTC, sure.
The price of BTC is influenced by this, but surely also due to the price of other goods. If people borrow money to buy BTC (say a margin loan) - they are creating a self-fulfilling prophecy.
Crypto is funny. People enter into tribes were their "dollar" is worth more than someone else's dollar, without understanding what it can and can't be used for.
Its all just barter with different instruments.