then you're not understanding. there is not even an empirical way to show that bad news causes price to fall, or good news the opposite. the claim that news affects price in this way is indefensible. it's obvious that news affects price in some way, but it is unclear how.
basically, you're positing that you know how news affects price. we both can agree that news does affect price. this is a very, very important distinction.
with the odd notable exceptions, it seems to me that the price moves in a direction, and people scramble to find the news that fits the price movement.
Two days ago: Bitcoin goes over $1000 on Zynga news (Bullshit, it was the spike of an uptrend that spanned 9 days)
Yesterday: Bitcoin plummets on China ASIC Mining Station Ban (Bullshit, it was an 9 day uptrend spike reversing)
I guess it makes people feel that they understand wtf is going on without having to get out their calculators and work with complicated equations. People like thinking they understand wtf is going on, it makes them feel as though they are in control, even though they are not.
We have a peculiar phenomena with Bitcoin in that Bitcoin's price action over the past 2 years has proven to complete idiots, that their complete idiocy was 100% right!
Hence the pervasiveness of the 'Bitcoin Nutter'.