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?
If the value of Bitcoin is based on scalability of the network we would not see these high valuation, it is basically demand and supply and if you look at when the market started to rally you will understand that it started once the halving took place which means the number of new coins that are available is reduced by half and in turn that created a ripple affect and there were huge investments coming in and so is the reason the price rallied.