my thoughts are that SO many people have now lost money during the last year and a half "bear market", that none of those people dare put another dime into btc.  Probably a lot of those people are out, and wont be back.  Meaning the total number of those in the btc market is declining.  That, combined with major exchange hacks, lost coins still not being accounted for, and NOTHING on the horizon for good news, means people are holding out, and may never get back into btc.