We are in the same range now as 2011 where people bought in a frenzy on the way to $30. There must be a few who have waited a long time to get out of Bitcoin.
There was a guy who asked for advise some time ago. He bought 1000BTC at $22. People suggested he cashed out on a loss to buy up cheaper. Quite sensible advise at the time. But he would rather stick to his coins and sell when they was 22 or higher even if it took a long time.
Maybe that's the kind of out of the blue dumps we see?
I think this is a reasonable hypothesis. I think we'll see less and less of them after we break the 2012 high and, after that, 2011 high.