According to mathematical formulas and simple supply and demand laws. After a period of a form of high inflation, purging the market, supply shock will set in after next halving and new bullish cycle begins as demand and adoption rises with new lower supply ratio. Looking logarithmically at Bitcoins chart and applying basic measured moves, the price of 400k on next run is not that big of a statement if you really look at it. The timeframes and dates on chart above are likely not correct, neither are the price projections exactly. Regardless, Bitcoin has a supply issue, that as the years pass, cant help but reflect in higher prices due to extreme lack of supply or sellers in the market. Imagine it like this, if bitcoin is breaking past 20k tomorrow, picture an orderbook with scattered thin sell orders up to 50k and next sell orders in the book not found until 100k. People all of a sudden are forced to buy at what is available sort of like how quarterly futures can act with thin orderbooks, not being tied to spot price. People will pay high premiums at times, many times more than spot during bull market. Imagine spot Bitcoin doing similar because it's not tied to normal financial assets nor does it act as such. In the midst of a period of when it doesnt make sense but starts to not matter, people flip to parabolic fear of missing out as clear as day that it's a powerful new bullish cycle, and anyone naked short CME style, place themselves in dangerous positions of unlimited loss, like throwing fiat into a rabbit hole with no bottom or a black hole void where they cannot excape financially speaking.
