In my opinion will want to test the bigger number. $1,000 and could go even higher and stay sky high, as BTCs are of limited availability and still subject to laws of it is hard to put a final price target.
I appreciate the analysis, but what I would like to see is more objective analysis, otherwise what you ultimately are doing is simply fostering the next crack up boom and the precipitous crash to follow. With all the fiat being artificially pumped into markets it behooves me to remind analysts of the effects that this fiat expansion has on ALL markets, including Bitcoin.
Now on the other hand, should all fiat currency fail completely simultaneously (market valuation of zero purchasing power, think Weimar Republic, Germany), you would see an exponential rise in the purchasing power of all real asset classes. This also means that the asset classes which the market determines as less durable and concomitantly less desirable, after the realization of any particular monetary unit's durability is obvious, (shake-out) these assets will eventually be valued at zero relative purchasing power in relation to any surviving monetary unit. What this means is BTC could end up rising in purchasing power to quite a lofty position. We are still fairly far from this type of scenario and related speculative reasoning as of yet. Nation states with their central banking schemes and so-called "legal tender" laws still hold a quasi-monopoly of the monetary unit of economic calculation in the minds of the great majority of larger players and, of course, the serfs in all markets.
Just a bit of constructive criticism.
I am not trying to ramp Bit Coin as you imply but I cannot see there being a precipitous crash to follow after each ramp up because of the limited availability of Bit Coin, there is very little of it available and there is an apetite around the world for it specially in China for Gold bullion aswell.
What comes to my mind when you talk of Crack up Boom and precipitous crash to follow is the NASDAQ bubble, those stocks reaches absurd valuations etc, even pigs could fly at one point. That is totally different from Bit Coin, Using those words you are only talking of price action and not of fundamental values why did your economic reasoning not touch on that point?
When talking of the high price BTC could reach, I read at this article it could be as much as $1,000,000.
and does it need all Fiat to go to zero to reach that lofty hight?
I do not think so you can have capital and currency controls in place to keep a particular currency from going to zero, and outlaw Bit Coin and all other free markets.
You talk of legal tender laws, funny or maybe you did not know but Bit Coin is Legal Tender in Germany.