The main difference i see between bitcoin and a regular commodity is that a regular commodity's price is aligned around production cost, whereas bitcoin is the other way around which is the production cost gravitate around the demand's price.
The main difference between Bitcoin and a commodity is that a commodity consumed.
So thats the eternal question around bitcoin is what is supposed to be the "right" price for it ?
My reasoning is that instead of asking this question peraphs the good question is how to know if it is overpriced ?
The price is always determined by supply and demand.
However, the quantity theory of money states that MV=PQ, so the value of the money supply is PQ/V. The supply comes from M and the demand comes from PQ/V.
The theoretical price can also be thought of as the risk-adjusted discounted future price.
Whether or not it is overpriced depends on how you think it compares to these metrics.
And the answer would be another question, how do you inflate artificially a commodity market ? By people with too much monney hoarding it to expect the price to rise and making more profit out of it than just exchanging it as utility as a regular use.
With this reasoning people with lots of monney hoarding expecting to make a profit would end as the Hunt brothers.
People using it as its supposed to be as a commodity or currency would not loose too much as not having too much in stock at any point.
Hoarding
temporarily affects the supply. The price rises as coins are hoarded and likewise it falls as hoarded coins are sold.