Bitcoin - where is it headed?

 So bitcoin has breached 10k. Now there will be some profit taking and prices might hover around 10k for some time. But what can justify this monstrous rise? If you look at it as a store of value it makes some sense. As long as enough people see it as digital gold, it is digital gold. I do not know whether it will end up as digital gold, but that is a possible justification for its current value. Bitcoin however still has a long way to go before it can be seen as a fast enough payment system. It has many competitors that already do it much better(Dash and litecoin to mention just a couple). And there are a lot of cryptos that are clearly over valued(why is bitconnect trading at around 300 USD?) surely we need some correction to set that right.