Bitcoin is rapidly approaching $2000 on many exchanges. However, bitcoin has a scaling problem based on the number of transactions that are being confirmed by the miners. One of the major promises of the technology was quick micro payments with very small charges. This is not happening. In fact, the opposite is happening. It is taking more money and more time to transact with bitcoin than it does with the banks.
Bitcoin needs to address this. Currently, the number of transactions done daily with bitcoin is less than 1% of the number of transactions done with credit and debit cards. For bitcoin to truly make a dent to the stranglehold the banks have on financial services the number of transactions has to go up and the cost of these transactions need to go down.
Based on these facts it would seem that bitcoin in its current state is overvalued. It could be that the market is currently pricing in a solution to the problem. If the solution does not come soon don't be surprised that bitcoin may drop back down to $500 after hitting $3000. If you are clever about it, you may be able to buy more than you had before and ride it all the way to $10,000.