Let's look at historical prices charted on a
log scale:
http://www.bitcoincharts.com/charts/mtgoxUSD#tgTzm1g10zm2g25zlPretty revealing about bitcoin's behavior. That chart shows baseline support that's almost a straight line. The humps and spikes are bubbles, in effect.
If the logarithm of bitcoin's price rises linearly, that means bitcoin has been going up exponentially.
Google logistic curve. Bitcoin is the classic case. A period of exponential increase, followed by a leveling off.
The trillion dollar question, of course, is when will it level off?
For the sake of argument let's say the party's just getting started. To get back to its historic price support (which is not static or even linear, it's exponential with time), bitcoin needs to do one of two things. It needs to drop, or trade sideways long enough until the rising support baseline catches up with it.
I don't think it's going into a drastic vertical crash the way it did in April. As time goes by and bitcoin's price gradually drifts downward, that baseline of support will continue its exponential rise, and at some point they will meet.
That's when btc's price will start rising again.