The problem is, they're all at $40-$60-$80 hoping for cheap coins. As Goat has said, it's not until $125 where people will let go of the notion cheap coins are just around the corner. Once sub-$100 isn't likely in the short term, those people will buy back in and we should have a nice rally. But for now they're sitting on the sideline praying to whatever pagan God causes markets to crash.

Edit: And in a volatile market, periods of sideways action are generally considered bullish. While boring, it's good for the market and Bitcoin.