It's not too high, it just feels too high after the drop to near 50.

What basically is happening is that there are too many bitcoins being held by early adopters. Not that there is anything wrong with that per-se but they need to be teased out and into the wider community for Bitcoin to become well established. It's not going to happen all-at-once (and that's a good thing) but is going to lead to volatility along the way.