The bear case is sustained by FUD, but it is not comprised of FUD. The bear case is that there are significant holders of large amounts of BTC with the ability to crash the market should any one of a number of things happen. They think the probability of at least one of these things happening is greater than the probability that hidden capital is going to launch a rally.
Bears also simply think that the flow of capital into BTC is going to be less than the flow out for a given amount of time. Miners would be buying their asses of right now if they had the capital to do so, because they know the price is substantially below the cost of production. So why aren't they? Coinbase price is only $2 higher than Bitstamp.
That's a very fair correction to my unbalanced case, and I endorse it. However, I would also observe that the likelihood of any of those specific price-adverse events occurring is also predicated on FUD controlling the mind of the seller. Yet again, a house build on FUD. As I mentioned, a very real and important factor.