I think
The recent Sveriges Riksbank Prize in Economic Sciences or Nobel prize (as commonly known) was actually awarded to an economist (Fama) who claimed that markets are efficient and any prediction of it's movement is fruitless. Isn't the Bitcoin price random too?
Furthermore, we can even fit Robert Schiller's theory into it. There is clearly a long-term trend and crazy volatility. Also, Bitcoin tries modelling the ideal world scenario of no transaction fee as used when designing theory like CAPM.
With such similarities, why isn't research being done in the Bitcoins? There's so little to read. We pretty much end up with Satoshi's paper which is more cryptography and less economics.
The theory of efficient markets is completely false, I know it is the current accepted theory but that does not make it true as many theories that we thought were true were eventually proven to be false, and the best example of this are bubbles, if markets were truly efficient and perfect in determining the price of anything then there will not be bubbles at all and yet there are, why is that? Because the markets are based on the psychology of the people.