This is why it is going lower, much, much lower:
http://www.businesswire.com/news/home/20131211005909/en/BitPay-Exceeds-100000000-Bitcoin-Transactions-Processed#.Uzp95qIryhoThe more success Bitpay has, the worse for Bitcoin. Because Bitpay is all about liquidating BTC.
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.
effect on price. even overstock is a drop n the sea.