Suffice it to say, we can't always judge the current price action by what has happened in the past without looking at the big picture. By the time we can tell what's different on a large scale, the big moves have usually already happened.
Long story short, be ready.
July 2012: 1 BTC costs 7 US Dollar
July 2013: 1 BTC costs 90 US Dollar
July 2014: 1 BTC costs 600 US Dollar
Although going from 7 US Dollar to 90 US Dollar was an increase of 12x and from 90 US Dollar to 600 US Dollar was only 6.6x --- the big difference is that people could still easily afford to buy 1 BTC for 90 US Dollar.
Especially 1 BTC for 7 US Dollar was very affordable. But 600 US Dollar is a lot of money for something that is obviously going down in price since December/January. We first need to test the last low of around 400 US Dollar before we can start a new rally.
And don't tell me they could buy 0.345 BTC. People want to own exactly 1 Bitcoin.
Besides, psychological barriers is different. One is a trading phenomenon, the other is a decision about personal possession of a particular currency. For one, you can still purchase exactly 1 BTC, it's just a bit more expensive. People may be hesitant to pay more than $500 for 1 BTC, but that doesn't mean they simultaneously lose hope in ever owning exactly 1 BTC, or that .8 BTC would somehow be worth less than .8 BTC. These things are already priced into the market. That's why they're psychological barriers. Who decides at what point 1 BTC is just too expensive? I'll tell you who, the market! Like I said, this whole speculation is just part of the pricing that has been in effect since day 1.