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.
How about if that company had developed a universal cure for cancer with apparently no side effects and just had to go through FDA approval and marketing?