That is a false assumption. Given the increased adoption of Bitcoin by
users and businesses during the past year, does the price chart
reflect greater value or price? Of course not, the price chart is at
terminal lows. Fact not fiction.
You're not taking speculative cycles into account. For most of 2013 the price was in the $100 range. Adoption as a store-of-value is what determines the price over the long term, as with any monetary commodity.