I think the fact that many people are sitting and waiting for this dip we are all waiting for may some of the reason it doesn't seem to be happening.
As time goes one, more and more give up waiting and start buying in, which seems to be holding the price up. If the price starts rising significantly,FOMO may take over and many of those people with CASH on the exchanges waiting for the dip may start buying creating a decent pump.
Im starting to suspect that the majority of the bitcoin buying keeping the price up is traders getting into ALTs.
Do you think, it is possible we will hit 1200 before retesting lows? Back in 2013 we also kind of moved between 80 and 130 for many months. People at time even suggested that 1000 will never be reached or that lowest low stands at 30 dollars per bitcoin.
My gut feeling is if it continues to move up 1120 area will be the top before a retrace to coincide with Afrikoins prediction. It seems to me that many people continue to underestimate the potential for ALTs to permanently capture a large chunk of the market. Some really nasty problems have bubbled up to the surface as far as bitcoin is concerned. All the politicking recently has left me with a feeling that BTC is not as anti-fragile as I've felt over the last 3+ years.
As someone already noted (Vinny Lingham I believe), bitcoiners and hodlers in particular may very well be anaesthetized by all the shit that BTC has survived in the past (exchange hacks, MtGox scam, thefts, China ingerence, etc) to the point that a large part of them consider it absolutely unbreakable. Trouble is, this time it's not just FUD thrown around to suppress the price but something more fundamental - contentious HF (if it ever happens) has the potential to shatter not only price but the whole confidence in BTC for years if not forever. I have a hard time understanding how anyone could put any considerable amount of money in such a market right now.