It seems that Peter pointed a fact that nobody noticed. But as the market is manipulated, who knows.
Anyone that can think understands the obvious.
Merchant "adoption" means bitpay and coinbase. These are just exchange services, basically providing more outs for someone to sell BTC at.
Now ask yourself who has BTC and is willing to sell? Miners, those with substantial capital gains, and those few that earn BTC incomes.
Merchant adoption does nothing for the value of a BTC.
As long as BTC is exchangeable for fiat, every merchant has "adopted" it. Do merchants have to "adopt" gold for its price to rise? No.
Example.
If i sell my BTC for USD and spend at BestBuy that is the same thing as BTC-->Bitpay--->USD-->BestBuy.
Now think about that.
The only thing that matters for the BTC value to rise is an expanding pool of fiat BID.