Certainly interesting points. If Bitcoin really is in a bubble, it's a very strange kind of bubble, and one that recovers from bursting almost instantly.

I think the biggest issue that people run into is that, while there are some principles of economics which apply to new kinds of currency (and hence Bitcoin), Bitcoin is such a different beast compared to other kinds of currency and property. How do you make accurate predictions about something so unique? The answer is that, generally, you don't. Everything is a semi-educated guess.

More to the point of this post, yes, I see a 5-digit Bitcoin as a very real possibility, and it may be only the beginning of exponential growth. You might say I've bet money on it. ;)