Bitcoin is purely valued on supply and demand so it could go to a million or it could go to $1,000 but the financial markets are exceptionally overvalued right now. Think about it: the economy is in a worse place than it was a year ago before COVID but our stock market is 20% higher. Forward P/E is 23, one of the highest on record. I'd say the next major leg is down, but no one can say when that will happen. I am wagering by March with some put spreads I have bought, but these things have a tendency to take a long time to play out.