For all the bears who think that 2013 was an unrecoverable bubble, please identify another bubble where 9 months after the pop the underlying fundamentals are better than it was during the bubble.
Our situation is simply that a lot of miners and short/medium-term speculative investment have coins that need to be moved to strong hands. There is simply a reservoir of coins (which is increasing by 3600 per day) that need to be moved before we can make significant moves upwards. Bitcoin is so useful that someday this reservoir is gonna run dry.