I think the persistence and panic of the current rally is being fueled by a number of leading indicators which have preeptively crossed. However, if we start dropping again, they could uncross and then it will take some more time before we can truly rally again (there will be flatness). If you look at the bid depth on bitstamp it hasn't even increased at all since we were at $430 a couple weeks ago.
I don't know TERA... there are a LOT of people holding zero bitcoins on the sidelines getting slightly nervous right now... if it goes to 700, they are going to start jumping in before they think it's too late... and then we all know how that ends