agree that bitcoin is still overvalued and my take is some of the hot money probably decided to exit for good, perhaps seek other ventures because finally reality sinked in. Like it or not but whale investors are getting even more anxious in view of a lot of shit going on around bitcoin lately... I mean delta financial exiting, Gavin bitching about forking, Russia going ahead with ban, SR trial fear mongering, US marshals about to dump 80000 coins soon, GOX liquidation of 200,000 coins that will take place as soon as it's been given go ahead and of course stolen coins floating somewhere...
I don't know what to think at this point.
I think the coin fell quicker than I expected and that it may be a while before going lower.
You also have people sitting with a lot of money with the idea to rebuy in.
I think that adaption and interest is falling in bitcoin so the price should still go lower, but it will take a while for peoples expectations to change.
I would say a rally maybe up to $300's, then volume should start falling and the falls should begin again. The coin is still way overvalued at this point.