It's possible a speculative bubble would just fade into the supply-side trend.
I was expecting BTC to hit $1000 in a few months anyway, depending on how quickly difficulty increases. So what could happen is the buzz dies down and the price just sits at $1000 for a couple of months and then once the difficulty increased the price will be locked in.
Likewise, real user demand could increase fast enough to take the place of any speculative demand before the proposed speculative bubble collapses.
Honestly what I really want to see is what happens if the bottom falls out and the price stays well below the mining cost for a prolonged time period. Say, $100 for 3-6 months. There are a number of non-disastrous things which could happen, but it is hard to guess what will.
It's going to be way more exciting if when bitcoin hits $100 than if it hits $10000.
