Bitcoin is neither over-bought nor overvalued.
If the purpose of bitcoin is to be decentralized, then it's value should probably be zero due to the following:
creating a "decentralized" currency is probably not even possible without the ability to make something like decentralized captchas where mining requires manual human intervention, otherwise it's just externalized proof of stake in practice - a Rube Goldberg machine that doesn't solve anything. If you can extract money from people simply by amassing a large amount of capital and using that advantage against them making it where they can't compete or they're forced to buy from you, that's called rent seeking usury, not decentralization.
This then goes back to the Warren Buffet argument about gold where he claims it's stupid for economics to be dictated by people digging something up from the ground then putting it back into the ground again (vault). It would be kind of the same with decentralized captchas/puzzles - people mindlessly staring at a screen all day doing nothing productive except solving a captcha for money. In both cases (gold mining and captcha based bitcoin mining) you're spending time and resources in a mostly unproductive pursuit.
Current ASIC Bitcoin mining puts this process on cruise control, but the mere fact that it's on cruise control means it's just plain old rent seeking usury in practice and solves nothing in terms of economic monopoly. Bitcoin is currently designed as a usury system for men to have control of other men as slaves. It's externalized proof of stake - a closed entropy system in practice PRETENDING to be open entropy.
Gold is dictated by its value as a scarce resource - with fiat currency, any amount of it could be created at any time, whereas with gold, the supply is moderately predictable which rightly gives people a sense of stability.
Bitcoin is similar, while also being decentralised which gives it intrinsic value as a safe digital asset, as well as having additional benefits like being infinitely divisible and safer to hold as it can't be directly stolen if you store it properly.
Claiming bitcoin is decentralized is a joke at this point when not even bitcoin developers themselves can mine it. Do they lack the technical capabilities to do so? No, the situation is obviously just how I stated it. They are capital constrained because bitcoin is just externalized proof of stake - a rent seeking usury system pretending to be open entropy but is really closed entropy in practice.
Bitcoin solves no economic monopoly problems in current state. It's actually designed to trend towards monopoly. The only somewhat positive thing it does is attempt to provide a check against government printing, but bitcoin probably doesn't have convergence without a block reward and might need to fork to inflation anyway. There's really nothing bitcoin does better than gold and silver at this point besides the ability to dump it faster.
But everybody already knows bitcoin doesn't work the way salesmen like Antonopolous claim it does, so without further ado, you can stop watching Antonopolous propaganda and view the full one hour Richard Spencer Q&A at Auburn Univ:
https://www.youtube.com/watch?v=g1JJA6UiEio