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?
LITERALLY YES, it is poosible for bitcoin price to go back at $500 level and even lower from that. Those said events or technical aspects that mentioned in some replies here are those things that will block the bitcoin price reached that level. But for the possibility, we can't erase the fact that the price has a chance to go back again at $500 or below level. If there's a big event that can push the price up, there is also a big event that can push the price down.
So for now, chances of hitting $500 again is really low. Bitcoin will emerge as years passes by. Stability is the key for bitcoin price to move from one level to another.