I think Bitcoin can hit $50K and exceed that amount because of its brand recognition. Bitcoin is now more popular than ever. The "value builders" such as exchanges, custodians, crpytocurrency and blockchain startups, almost everyone is holding on to their Bitcoin or transferring value from other assets to Bitcoin. For example, Block.one have a lot of treasury in Bitcoin but think about it, they are building an alternative cryptocurrency. Why would they not sell all of their Bitcoins? I believe, in the longer run, Bitcoin is going to be more valuable.
Unless something drastically changes (in a negative way), Bitcoin's demand is not going to go down. Now, the price could go up and down based on the market and trading activities. I personally believe all of these things to be momentary in the grand scheme of things. Maybe, I am a believer but I don' see Bitcoin's demand decreasing and so its value and price.