Did you read his points about why there is now more structural selling? Specifically that there are too many retailers and retailers convert immediately to fiat. And consumers are not growing as fast. Because Bitcoin is wonderful for merchants (no chargebacks) but sucks for consumers .
I find this explanation questionable at best. While he's correct that retailer adoption is outpacing consumer adoption, and that retailers immediately sell their bitcoin, I don't think that creates selling pressure.
The reason is that people who buy on overstock or tigerdirect are just buying more bitcoin to replace what they spent. They originally bought the bitcoin as an investment, they are excited to be able to use it for something, but they don't want to exit their position.
I don't have any solid numbers to support this assertion, but I don't think anyone does. The takeaway is that the selling pressure is lower when you take into account the behavior of current retail bitcoin customers.