Just wanted to point out that my prediction was correct 

Bitcoin holds little instrinsic value. People are speculating on what the price will be when BitCoin will hold some intrinsic value (when Amazon, Google, eBay, etc. will start accepting payment). Because the price right now is purely speculation, I would not try to conclude long term trends. BitCoin is unlike stocks or fiat because it holds little intrinsic value. Stocks and other investments other than BitCoin have a tangible value. I challenge someone to give me an intrinsic value of BitCoin. I'm also saying that BitCoin will eventually have intrinsic value when it becomes a pseudo mainstream currency

If there are no more bad news then we can say that the price bottom has been reached. My prediction is that it will bottom out at around $540 +/- 20 on Bitstamp assuming no negative press.