I've been saying for a while that 20,000/block at 3 difficulty is just producing too many coins.
Sure it may be psychological, but people would rather buy a gpu with 10,000 coins than 10,000,000.
And they would rather buy or sell gpuc for .0001 btc than .00000010 btc.  I think it is not too
late for a halving of block rewards.  Max coin just did it last week and everything went fine. But
all coins are in a downtrend now.