Supply of bitcoin is just 21M which makes it scarce and unique, bitcoin is immune to inflation and great store of value. In my opinion people will be buying it no matter if the price is $16k, $32k, $64 etc.
Everything is subjective, you may think it's doesn't make sense to invest in bitcoin with $16k price but what if let's say in a year the price is $160k. People who believe in bitcoin don't care about how much it costs in fiat, 1BTC is still 1BTC