Quote from: mp420 on April 17, 2013, 06:44:16 PM

Quote from: proudhon on April 17, 2013, 06:22:23 PM

I think the price probably will pop back over $100 in the next week or so, even if it's only temporary in the short term. Longer term, yes, I think we're headed more solidly back over $100.

Actually, I agree. But for me "longer term" means years. In the meantime, we'll have a downtrend for some time, while the market is trying to balance itself.

Most of the new market participants are unlike the old ones. They are in it for the quick profit, or they've already sold at loss and they're trying to recover their lost money by buying low and selling higher. Many will exit the market when they've managed to turn their losses into acceptable profit.

The only things supporting Bitcoin price at the moment are the remaining dumb money left over from the bubble frenzy and those early adopters who sold at $200 buying back coins with all their newly gained fiat.

There will also be new 'true believers' that have arrived from all the media attention. There are plenty of people in the world that would love the concept of Bitcoin but never heard of it. Now they have and will continue to bring even more people into the fold. So while the panicing weak hands will flee with losses we will still have an ever larger group of people that believe in bitcoin's future.