Noob here. Even if some places accept Bitcoin, the price is still quoted in dollars? Bitcoin's value per say is in US dollars, a fiat currency subject to inflation. If we remove the value based on the dollar, then is the price of Bitcoin just based on supply and demand?

I also hear people like Cathie Woods and analysts at JP Morgan say Bitcoin will reach $500k or $140k respectively. I understand for stocks you can look at financial statements and make valuation models to calculate target prices, but for Bitcoin, is the value based on the scalability of network?