$1M - Hype and Hope?

Edit: I appreciate all of the input I’ve seen on here. This was exactly the type of discussion I was hoping to see. While I’m still not convinced $1M is feasible I appreciate seeing the rationale and perspective of both sides of the debate. Thanks to everyone who provided their thoughts on the subject. There were a lot of interesting viewpoints.

Let me start by saying I've owned Bitcoin for a while. I'm not overly exposed to Bitcoin, or crypto in general, so if Bitcoin crashed tomorrow I'd be disappointed, but life would go on without pause. So while I don't have any FOMO, I do have a personal interest in the price continuing to climb. And with that I'm genuinely curious where this $1M price target floating around is coming from. Is it just the new hype and hope of those getting into crypto with the dream of being overnight millionaires, or is there some objective reasoning that this could ever actually be a possibility? I personally feel $100k is inevitable. When I hear $1M though my first instinct is that this sounds outlandish. But, I also think back years ago when Bitcoin was a few hundred dollars and the thought of even $10k sounded absurd. Then when it broke $10k, $50k sounded ridiculous. Now I've come to be more open minded when considering what Bitcoin could eventually be worth. I’ve always believed in the technology, but I wasn't sure if it would ever catch on with the general population. Now that it has it's clear that the general consensus is that this has value. And with value comes the market eventually settling on a fair price. So, I'm curious if anyone believes that Bitcoin will eventually reach $1M, and if so, why?