Big dumps are just individuals deciding to sell, for many various reasons. This is irrelevant to the market. The market is driven by sentiment and sentiment is up. Every day there are companies announcing they are accepting bitcoins, VCs funding startups, financial advisers seeing sense and recommending clients have a smallholding in bitcoin.

There has only really been two bear markets. July - Nov 2011, and April - June 2013. The rest of the time sentiment has been positive.