Most permabulls are talking about moon these days because of GBTC and kncminer ETN, i say they ajust more ways to sell-off.
Sub 200$ incoming!
Everyone thinks that news controls the price of bitcoin. It doesn't. I agree with you on that part.
However, from a trading standpoint, under 200$ isn't likely. Possible? Definitely. Just not likely. The charts show an upcoming end to the super downtrend we went through in 2014 to early 2015.
Speculation and exposure will bring more bubbles, whether or not the currency is worth it's bread. I would argue there is a bubble building now, possible double bottom completed, and "bitcoin" Google searches are up to levels not seen since late 2013.
So obviously I am bullish, at the moment. I am one of the people who think bitcoin is the best money we have ever seen, however, I do not believe that affects price in any way. Everyday people need to adopt bitcoin for it to have value. If we don't see rapid adoption within the next few years, I could see under 200 easily.