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.
#3 is the worst one... I think we might be just about to see those things closed out one way or the other...
I think #2 is the worst one. There are a whole lot of coins that will be dumped on the market. That would likely trigger #3 and only accelerate the downturn. Without an ETF to soak up some of that liquidity, it might be a bad time for the BTC price. With so much leveraged action on the long side, it will be difficult to see another big leg up without first seeing a capitulation drop.