My belief is that the prolonged decline has increased the largest holdings and made the wealth pyramid more steep. The real biggies (banksters, etc) can effortlessly buy more BTC as it becomes available, and some of the early guys need to/want to sell to preserve some of their gains.

The lower end of the distribution should behave similarly as before, my thinking is only that the big, manipulative end has grown bigger.

Bitcoin is firmly in bankster control (which it possibly was in 2013, but not sure). I still believe it will increase in value 100x or more, but the ideological fervor to own a coin that will make the difference has in my case migrated to Monero and perhaps other good coins if such become available in the future (so far only 2 coins, BTC, XMR have met my criteria for investment).