Do any of you that follow the price of Bitcoin closely think that the price will ever drop back down to $500 or something close to it? And why or why not?
no because of one simple reason:
price is $760 right now and lots of people have missed the chance to buy and are dying to get in, now imagine price going down to $710 lots of people are lining up with money in hand to buy bitcoin.
it goes to $690 even move people are lining up and at some point it is no longer possible to lower.
it is called resistance.