The general idea is that the value of increases with adoption. So far the best indicator of that has been transaction . For a period of time we were way higher than the true value of because of the Willy Bot scandal at Mt. Gox artificially inflating price. Thus the prolonged market was simply price resynchronizing with fair value. We're there right now.
Where do you think adoption will go from here? Faster, same as 2012-2016, or slower? Will scalability efforts keep up with demand? Will on-chain transaction continue to match price or will we see more off chain transactions (lightning network, sidechains, etc)?