This seems obvious to me. The supply of BTC dropped from 50 to 25 per block and we're seeing the natural effects of less BTC supply.  It stalled for a while but a higher price has to kick in eventually. There was a delay because hoarders and long term investors might see $14.50 off of $12 for the longest time and say "hey, time to sell for a big profit" but eventually they run out of BTC that they're willing to sell so the supply side halving will catch up eventually.  That's what's starting to happen.