I believe BTC should be in the $150 range. There is nothing to support any higher of a price.
What makes you say that?
Because at this point there are a lot of exciting projects in the works for BTC. Key word in the works. One ATM and a letter from Bernake saying BTC is legit and we can't really regulate it doesn't make it worth $600. I am willing to place a value on the speculation of what could happen but until it does it's not.
Look at it this way; If I asked you to invest in my company that had some great projects in the works that will make us billions would you give me a billion dollar valuation right away or would you want to come in at a more sensible valuation because we are so early on? You're not going to make an investment based on what it could be, you will invest on what it is.
It seems like your $150 valuation is pure fantasy as well. It is magic internet money, why should it be worth even $1 until someone has built an exchange that does screw up like gox? Or until we can use it as money with virtually no volatility?
We're buying for the future. If 50 years from now it's the backbone of the finacial system and worth a million dollars each, then yeah, $600 bitcoin today is a pretty darn good investment. Not to mention, we buy it today at the price of today to give early adopters who are also often the people building things, more capital to invest into their projects.