I have considered this question for sometime and read, with interest, previous posts regarding this topic.

Working from the premise that Bitcoin technology is solid, stable, reliable etc and the only flaw in the system are the consumers and that it will grow and will be a success, in some form or another then I believe it's value is between $300 and $500.

Today's price is all about sentiment as opposed to need.

What i mean is this. If I am a farmer and grow a crop then the price is determined by supply and demand which is directly proportional to the amount of people to feed and the demand for that crop.

Bitcoin is in its infancy with a lot of players showing interest, about $500m invested in BTC associated development. Currently there is far more BTC swilling around then needed to buy/sell with and this is owned by investors/speculators.  As the day to day usage increases then the % held "on account' reduces.

So BTC spot price is based on sentiment created by traders not by the underlying adoption. Currently it is underpriced and a lot of panic selling has led to this but as the price drops more "investors' will buy which creaes the next rise. The next rise is important to create interest from outsiders and attract new money into the field and I can guarantee one thing... there will is another market bubble coming and we will go through this whole process again, and again...