Yeah it is possible for its value to reach $800. Or mayne it can reach up to 1000$ depending on the supply of the bitcoin. For traders, it will be profitable but for the miners, they will face many problems especially if the sudden price drop occur. More likely YES, IT WILL OCCUR. Because the increase of Bitcoin value will tend the holders to sell their bitcoins and it will cause a chain reaction. Just like what happened last 2 weeks maybe when the price drops from 760$-600$.
I think that a slow price increase is much better, as the slow and gradual price increase will continue for much longer and with that people will buy more bitcoins for longer and so no chain reaction will occur.