There is no "right" price. There's a limited amount of bitcoin, and a lot of people who want it. As long as more people keep wanting bitcoin, the price will go up. When demand drops, prices will go down.

Bitcoin has the problem that there's no real value backing it up. You can't eat a bitcoin, or use it to make something. It has value only as long as other people think it has. But as long as people keep trusting bitcoin, it could keep growing.

The real interesting question is not so much what the price is, but how much actual commerce there is in bitcoin. If people are merely hoarding it, it's vulnerable to collapse as soon as people start to realise it's not actually doing anything. But if there's actual sustainable trade in it, then that could be seen as the economy backing up the value of bitcoin.