In the last day or two, many services have been down or super slow at least once: like Gox, bitstamp, bitfloor, btc-e, bitcoin-24, bitcoincharts, clarkmoody, bitconity, bitcointalk etc etc.
It is the sounds of a creaking infrastructure. When these type of services start failing all of a sudden simply because too many people are checking in at the same time, then clearly it is impossible to justify a high valuation of
BTC.
Until we have an order of magnitude better infrastructure, there is no room for
BTC to rise in price to the astronomical levels we know it is worth. So this thing can head in two directions: (1) server capacity is rapidly scaled, lag becomes a thing of the past and we go for a new never ending parabolic bull run, or (2) the infrastructure keeps creaking along at a snail's pace for the foreseeable future and we see a prolonged depressed price with fluctuations cause of lag panic.
I'm not going to specify what price is a high price or what price is a depressed price, but I think you understand the logic behind my statement.
Personally, I'm hoping for scenario (2). The reason is that I will be able to buy more cheap coins
, we will be able to shake of more weak hands and that it will scare away institutional investors for long enough for smart but not very rich people that haven't gotten in yet to be able to get a small share of the pie and have a share of the pie in the future, maybe even be able to wield some influence in a new world order where the old establishment is marginalised.