Of course it is. Something that is widely demanded but scarce in supply (like gold) has high value. Something that is widely demanded but plentiful (like iron) is cheap. The reason for that is scarcity.
Being limited in supply does contribute to price rise; as demand grows with no increase in supply. But does the concept of scarcity or rarity really apply? Its supply is limited, but anyone can
easily purchase them at any point and it is also highly divisible, so fractions of it can get to go around.
Also limited supply does not create demand or value. The qualities in Bitcoin and gold are what is sought and that is what grows the demand, its resistance to supply shocks helps to protect its value from inflation.