I agree with BCwinning with the point about bagholders.
Anyone with a noteworthy bag isnt leaving at a low, they wait for better opportunity. Someone who got their 50+ bitcoins when they were worth less than 10USD is not terribly concerned with dumping it (my situation, thus speaking from experience). They will wait because they didnt risk a huge investment in the beginning! It is more likely that the only bag holders dumping would be BTC miners, as they are more likely people who use it as supplemental income.
Disagree.
Old timers who got at 10usd is most likely kicking themselves and sell most if not all to lock in the profit while they still can.
The people who were here in 2011 were not as interested in speculation. We did not care about the price as much as how broadly we could get bitcoin adopted. It was when the price went sky high that the "to the moon!!" thing started. As one of those "old timers" I have zero interest in selling my bitcoin. In fact I have never sold a bitcoin. If I wanted dollars I would have kept thew ones I used to buy bitcoin. So the only reason I wait is when I'm waiting for a certain item to be traded in bitcoin.