Bitcoin can reach any price, depending on what someone says.
not exactly.. bitcoin does actually follow some underlying economics..
ill quote myself instead of repeating myself
imagine it this way
imagine the most expensive location to mine bitcoin on the planet being japan and hawaii where by in 2021 the mining cost max of the planet was $75k
imagine the most efficient location to mine bitcoin on the planet being asia and slovic areas where by in 2021 the mining cost min of the planet was $15k
now imagine speculation psychology...
if no one on the planet can mine for less than $15k then no one wants to sell for less and everyone wouldturn to buying at that low.. this creates a support wall to stop it going down below $15k
if everyone on the planet can mine for less than $75k then no one wants to buy for more than $75k everyone would turn to mining and selling at that high.. this creates a resistance wall to stop it going up
well now in 2023 the support of the planet is about $22k and the resistance is at $150k
and the market ALWAYS speculates between the periods support/resistance of the economy
..
the resistance and support does rise at a slower pace and the market speculates randomly within the moving limits
as long as the mining cost/competition continues we will not see a zero bottom again
unless the most expensive cost of mining 1btc becomes more then $5m then the price wont speculate that high
now to put it into perspective
imagine todays resistance is $150k.
imagine mining hashrate(cost) doubled by 2024. to $300k
imagine mining reward halves in 2024. to $600k/btc
then imagine between 2025-2028 mining hashrate(cost) quadrupled. to $2.4m
imagine mining reward halves in 2028. to $4.8m/btc
then mining cost doubled in 2029 to $9.6m
then the market could speculate ANYWHERE between $1.4m-$9.6m/btc
but as said it all depends on if mining costs do take a 64x cost rise from todays cost to even open up the speculat range of possibility