Yes, bitcoin being with high volatility will rise up and go down in terms of pricing depends on the ambiance of the social environment, when there is FUD being spread by some elements or when there is some bad news, that would make the price goes down again, but Bitcoin is stable as a currency, so after the dip, it would surely rise up again afterwards.
Yes, bitcoin can goes down again. Nobody can tells it. It goes down again if many people will stop using bitcoin. If bitcoin will goes down we must be patient to wait till it goes back into its normal price again. Some bad news may cause the price down but right now we nust trust this much. We all know that it is not that stable but believing it is great.
The markets reacts to the news, today the IRB (Indian Reserve Bank) has banned all bitcoin and virtual currencies as being legal tender to pay for goods and services. They will also be banning people from depositing into exchanges trading accounts. This is bad news and typical of the kind of FUD that most sheep-like investors react to.