Define absurd. If your reference is actual economic trade done using bitcoins, any price above $0.1 is absurd. If your reference is bitcoin mid- to longterm potential to become a mainstream currency, any price below at least $1000 is absurd. You seem to use last weeks or last months price as reference, thats perhaps even more absurd.
That's your interpretation, but not how I think and IMO not reasonable.
Trying to do just any economic trading platform, even just planning it, on a market worth less than 1M USD is such a strange idea, it should be apparent why I would call sub 0.1 prices absurd.
Prices above 1k USD in the future are based on the assumption that Bitcoin will become a real, large currency. First of all, this is a probabilistic statement, and today's value gets scaled down to a maximum of the inflation-corrected expected value times the probability of the scenario happening. Moreover, reaching the value assumes public acceptance of the scenario, or some other infinite supply to support the claim.
This is an assumption so bold, one might also call it absurd. Few people really understand the significance of Bitcoin, those are not necessarily able to buy in for large sums right away, and even those who are will probably not even remotely go all-in because of the risk involved. These effects are self-strengthening, since one speculator will not want to rely on the bubble-like state of being backed only by other speculators.
Surely, I use past prices as reference, so that I can roughly correlate indicators of market size with price, volume and whatever comes with the hype cycles. But the price of 7 is not an arbitrary value, and I'm fairly convinced it is currently closer to a healthy equilibrium than 2 USD or 20 USD.
Of course, a single indicator of change can massively affect what prices are reasonable. Surely, the numbers can jump by a factor 4 or so from a single event. If the Android market were to start officially accepting Bitcoin, I would consider 7 absurdly low the next moment.
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