I'm gonna take the risk of a public prediction, cause I like studying patterns:
That pattern suggests that we may not be looking at any significant gains till almost the middle of next year. I think a lot of people were hoping for a bubble this year and are overextended. So they are being forced to sell off to pay loans, make margin calls, ect. Another thing is that there is a lot of downward pressure from mining. Before the last bubble, mining was mainly a hobbyist thing and most of the bitcoins were held. Now mining farms have to sell most of their coins to stay in business.
I think it may be a long time before the next bubble. In fact, I am thinking there may be no more bubbles due to mining sale pressure. The future may just stagnate or slowly drop for a while, until the amateur speculators get out. At some point in the middle of 2015, I think we will start to see a slow but steady increase in the price of bitcoin.
Most bitcoin advocates and believers are expecting a bubble. There have been lots of bubbles and the pattern says there should be more. That is the strange thing about markets, when everybody expects a market to go one way, it goes into a different pattern.
Look at all the positive news about Bitcoin. ATMs showing up everywhere, Dubai money, new startups, lots of seed money. There has been a lot of stuff since last year. Yet the price just keeps slowly going down.
I believe in Bitcoin, but so do a lot of other people and those people pushed the market way ahead of it's fundamentals.
I don't know what the new pattern will be, but I am sure it won't be an upper staircase of bubbles.
