as per title how you recon the market is affected by individuals in countries like turkey, venesuella, brasil, argentina, russia, china, india (etc) which currently experience major currency devaluations against the dollar? normally it would be rather common practice to hold dollars as a hedge against the central bank's fiat denominations. though in countries like india they prefer gold. so now that an alternative is present how much buying pressure would it create to perhaps affect the bitcoin trend?
The main market pair is BTC/USD so the devaluation in those countries does not affect bitcoin too much, it is obvious that in those countries there is a market for bitcoin and their local currency but most of the time the exchange rate is very similar to the BTC/USD exchange rate.
However and inflation of the dollar is going to have a massive influence in the price of bitcoin in the future, right now the US is having the best of both worlds they can print as much currency as they want and still suffer a low inflation since many countries store those dollars, but the moment this changes and countries decide they want to exchange their dollars for something tangible then inflation will come to the US at an alarming rate and as such the price of bitcoin will be affected positively since it will be one of the few currencies able to outpace the inflation of the dollar.
what you are saying correlates with mike maloney whom i follow up. he also claims that before the usd avalanche inflation we're going to experience massive deflation first - that would be an indicator to jump the ship.