Bitcoin is no longer an investment vehicle, which I find to be all right. If you call it money then it can't really be used as an investment. What happened to Bitcoin at MTGOX times is a black swan and a fluke, what happens now is the way it should be.
Current BTC price easiliy supports current BTC transaction volume, no fundamental reason for it to grow. Merchant adoption will lead to sell pressure and can be good for the price only in the long run.