I think you are right because of the short term sentiment. After the 3th day of the Yuan devaluation and almost no market reaction anymore the bulls are disappointed. But it could change in sept okt with the federal reserve raising short term interest rates. Can they raise or will it be more QE? We are in an escalating currency war in a world full of debt.
The ideal technical picture for bitcoin is under development.
Bitcoin one time to 240-250 and then...skyhigh.
well eventually music will stop even for bitcoin, until halving it's going to be sideways or even downward trends so don't put too much hope for the bubble run for now... market conditions will affect bitcoin future prices whether we like it or not because all that liquidity that is propping up the crypto market is either borrowed or leveraged. so sooner or later chickens will come home to roost.. :)
I am not that pessimistic about cryptocurrencies. Think they have a great future with all the restrictions for cash money and money transfers in southern Europe (especially Greece, but also Italy, Spain and France).