It feels to me like we're back in an accumulation phase with this sideways movement.  I'd be extremely bullish but there are a few factors to consider. 

1)  We are at the point in the cycle where another drop is to be expected.

2)  Mtgox coins are still hanging over the market's head.

3) Leveraged long positions on bitfinex are at an all time high meaning a lot of selling needs to take place to cover those positions.

Those are 3 factors that shouldn't be ignored by anyone looking to invest.  It is still quite likely that there's another big drop in store, even if the market is feeling particularly bullish.