At the moment the vast majority of BTC transactions are associated with speculative investment (people are "adopting" based on the expectation of "future" demand).

There is no other significant external increase in "demand"...and won't be until there is significantly increased adoption and demand for Bitcoins to handle the increased transaction intensity.

To some extent the current price of a Bitcoin already has factored in some level of increased future adoption and demand...at least in my own mind. The current market cap of Bitocin far exceeds what is needed for the current level of transactions.