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?
Value of everything is based on supply and demand even USD itself. When they print a lot of it (increase supply) while demand remains roughly the same the value of USD drops. But when bitcoin's supply is fixed and demand for it is increasing that means its value keeps rising. It rises more when you measure it in an inflationary currency such as USD and when that currency loses its value.
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?
It is partly based on past behavior, some technical analysis, some fundamental analysis, some extrapolation, and finally some guesswork.