I'm a bit of a collector. I'm not even sure how many knives I have, but certainly over two dozen. Always looking for the next "ideal" knife for hiking and backpacking. Here are my thoughts on choosing a knife.
Fixed or folder? If I were dumb enough to drive a snowmobile 50 miles into the wilderness, by myself, and broke down, I'd want to have a fixed blade. But the best knife is the one you have with you and carrying a folder is just more convenient.
Get a knife with a pocket clip. Knife goes inside the pocket, clip goes over the top of the pocket. Keeps the knife easy to access.
A number of states, including Colorado, have a legal concealed carry size limit of 3.5 inches. I look for blades that are close to that but don't exceed it. Check the law in your state or country.
I like flipper knives. Especially ones that have ball bearing pivots. Super easy to deploy. Assisted flippers are great, but I'm just worried about durability. With a ball bearing pivot there is not need for an assist.
Look for an edge that's fairly straight or has a straight section close to the handle. I'm partial to Wharncliffe, reverse tanto, and sheepsfoot, but the best all around might be the drop point.
Most cheaper knives, and some really expensive knives, are hollow grind. I think that either a flat grand or scandi grind are better. I'm inclined to say the flat grind is the best all around and the scandi best for bushcraft.
You can buy a pretty nice knife for under $25, from the Knife Center, who I strongly recommend, but I would suggest spending a bit more, maybe in the $45 to $65 range. You will likely get a step up in blade steel and overall quality. I have several knives in D2 steel. It is pretty tough stuff without the high price tag.