I think the first part of 3 is accurate along with the second part of 2.

Why

I have been watching Bitcoin price about 4 years and did some day trading this year. I remember right after the first big peak around $1200 the price went down to under $500. In the trading world eventually there is always a correction after an uptick in volume slows down. Its all normal from what I have witnessed personally. When people buy on hype they are willing to pay more and the spikes are usually correlated with media coverage so when new people are rushing to buy the price is already above where it should be.

My Prediction

Aside from normal 10% corrections that occur occasionally I expect the price will be moving exponentially all year. Thats only if all goes well in the news and legally, but at some point, maybe $50,000 - 80,000, there will be a swift 50% correction. This is because mining difficulty and the markets control the price more than holders. No one that's just holding there bits is effecting the price directly, unless through personal endorsement and helping keep volume, so when the buy orders & hype start slowing down the price will likely see a dramatic correction.