Lets see how this develops... The recent 500$ high reminds me a lot to the fomo 1200$ spike back in 2013.
Why didn't we spike to 1200$ like we did the last time? I guess that's because there is a lot of leverage trading going on and additionally in 2013 there was no option for shorting. That's why I think the 500$ level looks like a copy to the 1200$ back then.
It should cool down now and have another push before slowly sliding down.
Lets see how it goes, news can change the direction of this very rapidly...