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if anything, the bitcoin market is more efficient now.
we shed 80% of the inflated price in 3 days. this price collapse is unprecedented in bitcoin history with the exception of the 90+% collapse of the June bubble, but that occurred over many months. in that way this is the single largest collapse in bitcoin history.of course, it was necessary. i think reddit is largely to blame here, judging by the explosion in the subscriber base to /r/bitcoin and because the rally was already showing signs of exhaustion around $40 -- it was a bubble on top of a bubble.
we were enjoying 'sustainable exponential growth' (linear on a log graph) before the price went parabolic above $40, and then immediately corrected. this led into a long period of triangular consolidation that brokeout strongly UP, sparking the continuation of the parabolic move. at this point our fates were sealed.
the good news is...
...that we've already reached an important support/resistance in the Price-Volume Trend. right now we are about 50% higher than the most recent low of $50, suggesting that the ratio of buying to selling pressure may be reaching a critical point. this could yield a short period of sideways consolidation before another large move, likely down, but there are also alternate scenarios. the support pictured above suggests that if we consolidate for any significant amount of time (i.e. if we enter a long period of low volatility like we saw in the April-June period of last year) it would be very bullish indeed.