Damn, all those people that tried to short and hasn't bough back in already must be really mad. It was so clear that all you had to do is keep buying the dips as they always happen and after the dip is done, the price always goes up no matter what. Bitcoin has only been going UP for years now since the last 150 dollar bottom! people getting out of Bitcoin are INSANE. Big, big, big gains in the future awaits for holders.
Supply and Demand! The supply-issuance is getting cut in half tomorrow. The demand would have to decrease a dramatic amount for the price to not go up. Demand for new coins would have to be cut in half for the price to stay flat. Demand for new coins would have to drop by more than half for the price to go down.
Certainly there is a bit more to price discovery than just this. These dynamics are not always so clearly defined, but supply and demand fundamentals do serve as the foundation for valuation..