I come to think that we can't fall massively below 5,000 dollars per BTC - if ever - unless some major whale - of the Mt. Gox trustee's scale - decides to cash out.
"cash outs" such as Mt Gox trustee never caused any drop in the past to want to cause a drop now. the drop would have happened nonetheless and in case you have forgotten they started selling their coins when price was a little above $4000 last year and it continued as the price went up to $20k.
I base my assumption on the premise that people who bought coins at high prices like over $12-$15k won't be selling at prices below some psychological limit because selling at such prices will be pointless and their only viable option will be to continue holding.
not at all. you are forgetting the panic sellers and how they work.
the thing about panic sellers is that they don't understand how the market works. they buy something and hope for it to go up so for example if one of them bought at $15k and price started going down they still hope for it to go up, at some point as the price goes lower they can no longer continue to hope because as i said they don't have any understanding of how market works so they eventually dump at a huge loss which is always near the bottom and before the reversal.
So it is not just about demand building up, it is also as much about supply running dry at lower prices. That could potentially lead to less volatility, at least temporarily until a new long-term trend gets established.
again i disagree. it is always about both supply and demand. right now there is an equilibrium between the two which is why we have been seeing an stable price for the past 30 hours. when this equilibrium is broken price starts to move in that direction.