As long as the top 1% hold 99.999% of the bitcoins in existence, we will never see $1200. When only the elites, the early adopters and whales, hold the coins, there is no utility to the coins. Just let the coins die. Bitcoin has become millionaire's toy. Even now, they are manipulating the prices, taking coins from the ignorant masses is just like taking candy from a baby.
the problem isn't only that, the problem is that there is also competition with other type of trading, like stocks/gold ecc, so many are forced to hold bitcoin while playing with those others kind of trading
it safer to hold right now even for whales(they are probably playing with little money, notice the small swings...)