Wow. Looks like Jorge was right all along... we went up without a sufficient cause, hence we're now going down again. Probably all the way to 300.
I see the sarcasm...
but actually I think that there
was a cause for the rally.
Only my feeling is that the cause was limited to the Chinese market; and it was not a general uplifting of the mood of all Chinese (or non-Chinese) traders, but rather something that convinced a subset of the Chinese traders to buy. Perhaps some inside information, something posted on some Chinese forum, some news or exchange policy adjustments that benefitted only a few traders, some rumor that only a few traders took seriously, etc.
So I would think that the rise will be limited, although I would rather not guess what the limit will be, nor whether the rise will be permanent or temporary.
I do not think that the rally is due to "increased adoption" outside China (the "West"). All those stores that accept bitcoin via BitPay are attractive only to people who already own bitcoins. I do not see how they could create increased demand for bitcoin at the exchanges; they will only convince some holders to sell a few of their bitcoins there (through Bitpay).
I can't see any sign of increased adoption in the plots of Transactions Per Day and Total Transaction Output Per Day on blockchain.info. In fact, since there are no fees (yet) for bitcoin transactions, probably more than 90% of that blockchain volume is fake anyway.