People seem to keep hoping for the currency to appreciate in value when the USD is potentially on a run that repeats the prosperity of the 1980s. That's not going to happen.
At the same time, why does BTC even need to trade significantly higher than its current price. If it wants to function as a currency, why should it be dislocated with such magnitude from other currencies?
At the same time, why does BTC even need to trade significantly higher than its current price. If it wants to function as a currency, why should it be dislocated with such magnitude from other currencies?
The answer to your questions is Mass Adoption.
Most people believe that the price needs to get higher and higher to achieve mass adoption. (we have seen a big increase in users when the price was at $1200)
If Bitcoin stays at the same price it is now, it will never be mass adopted because there will not be enough coins (and value) to go around.
Don't forget that a huge number of coins is currently residing in very few wallets/addresses.
And those are the ones we know are kept in one location. There is many who keep their coins split in many smaller wallets.
. It looks like previous ATH was the result of Karpeles' Willy Bot. Also, if it ever did get near it's ATH again I think money would bleed away into technologically superior crypto assets. 
