IMO BTC is going to continue to trend down and settle around a range of $4,500 to $5,500 at a new psych level. Reasons are slow adoption world wide from other countries than Japan and growing competition from alts.
Yes, ofcourse there is really a tough and increasing competition among the bitcoin and other altcoin.Even we expected the downtrend to end and thought that the uptrend will start soon but it never happened and I think it will not happen for now. And right now I think there are high chances to touch the $5000 price level soon and if you follow my advice if you are holding bitcoin then better sell your position and then buy again if the trend gets started again and it is better to search for some other crypto coin for our trading and investment purposes.