This is why it is going lower, much, much lower:
http://www.businesswire.com/news/home/20131211005909/en/BitPay-Exceeds-100000000-Bitcoin-Transactions-Processed#.Uzp95qIryhoprocessed over $100 million in transactions this year, and has increased its merchant base to over 15,500 approved merchants in 200 countries
http://seekingalpha.com/news/1465461-bitcoin-bitpay-volume-triples-m-m-european-regulators-weigh-inBitPay volume triples M/M in November after the roll-out of a new pricing plan and integration with Shopify. Transaction volume tripled during the same period
Thus using an geometric series, I can estimate their December sales were $40 million, January, $120 million, February $360 million, March over a $1 billion. Now surely their Xmas surge was greater than normal M/M growth, but you can clearly see this is much larger now and very significant.The more success Bitpay has, the worse for Bitcoin. Because Bitpay is all about liquidating BTC from investors (not bringing in proportionally new customers to the ecosystem).
How could we have missed that! (Slams forehead into the wall)
I saw the silver chart pattern indicating a long grind lower ahead, and I saw the asymmetry in appeal for merchants vs. customers, but I didn't put 2+2 together.
The Gyft owner has a bullish bias so that is why he is saying $350. In fact, markets don't work that way. They have momentum and overshoot either upwards or downwards.
Bitcoin is pointed down now and it will be a vicious cycle that feeds on itself. It is structural and we have to go down and restart from a low equilibrium.