In the past three months, there has been lots of good news about Bitcoin. The problem is, there has been more bad news. As a result, prices have been slowly declining. From a base of $600, it looks like a new base of $450 is forming.
To break out, and set a price floor back over $1000, the following things need to happen.
1) Amazon needs to accept Bitcoin. Let’s face it. Everyone shops on Amazon nowadays. Overstock was a nice addition to the Bitcoin chain, but we need Amazon.
2) Coinbase needs to offer a solution, for any sized retailer, that eliminates risk. Wait, they already have that! Retailers need to realize this, and offer a discount on purchases with Bitcoin. When you use your credit card at Best Buy, the store only collects $96.50 for each $100 you spend using a Mastercard. Best Buy, and all other retailers need to offer a 2% discount for Bitcoin purchases. With a ½% to 1% fee for Bitcoin, the retailer still comes out ahead.
3) Google needs to integrate Bitcoin, EVERYWHERE! Wait again, Google has already dispatched a secret team to explore this: http://www.forbes.com/sites/andygreenberg/2014/01/22/google-lets-slip-that-its-exploring-possible-bitcoin-integration-plans/
If these three things pan out, the results will not be linear. Much like hitting a trifecta at the horse races, Bitcoin price will go up exponentially.