The price is most likely going to fall below $1200 as the rise is insane. The only positive seems for MTGox that can again become solvent if the price reaches $2800-$2900 and they can pay their debts but as of now, only the recent speculation and hacks has led to the price rise from $1200 to $1700 now. Can't image bitcoin has increased by 70% in a year's time and the market is now having billions in trades.
Even if the "bubble" were to pop we would drop right back into the channel which is currently near 1400. 1200 is possible but it's much more likely if the unlikely were to happen that the price would be around 1400. If you use fancy trader lines this is completely expected if you disregard Gox as price would have theoretically been $50 then if Gox did not happen.