Current values are almost completely based on overblown expectations and speculation games: number of coins in circulation and trade levels are actually pretty pathetic and way out of sync with this abnormal surge in price. It's not so much about the increased demand for btcs, but more about the the fact that big hodlers (hodling has become almost like sort of religion nowadays) are creating artificial shortage. At the end, what we get is unsustainable, unhealthy growth based on thin air and not much else. Bitcoin simply does not worth this much at this point in its evolution. That's why this was the first time in the past 6 years that I've dumped majority (2/3) of my btc stash, all in the past 24 hours: my gut feeling tells me this isn't going to end well.

All in all, the big crash is quite believable scenario unfortunately. If that happens, recovery will be long and painful. Bubbles are incredibly damaging to bitcoin.