What surprises me about the bitcoin price is how well it is holding around $13 dollars. I guess most bitcoin holders are rich tech savy people, who would rather sit with their coins to their death rather than sell them.

This is probably the reason why the price has not fallen. I can see this going on for a while, and bitcoin holders have already tasted the $20+ dollar range. Most are insane and blind enough in the idea to think each bitcoin is worth a small country. And shit, if I actually owned even 1 bitcoin, maybe I would be insane and blind also. Who does not want to be filthy rich.

Scaracity and hoarding is the only tool that bitcoin bulls have.

Most people interested in buying know that the bitcoin is not worth even worth $13 dollars a coin. They will be much more careful with their dollars.

So the price will be up to the horders not giving in and selling too cheaply. It will not be up to people actually needing or demanding bitcoin for any useful purpose.

I say in the end the price will be lower because every day there are still thousands of bitcoins being produced. With each passing day it will be a test on how long can you hold out when it becomes more obvious that the price is not going any higher.