Technicals: clear divergence, also warn: using log chart is very misleading. Also I find some technical similarities with Gold/USD decline from April 2013. But I do believe Gold will recover eventually unlike BTC , which is not based on anything hard and can easily be replaced by some other (better) cryptocurrencies. Now dollar is on the move up. We need to buy dollars. Gold and Silver will have their final drop during which BTC will sink to the bottom. I do project price of $8-$9 for Silver , and then I will be all IN Silver . I give my advice on this. First buy dollars, wait it to exploade, then sell it for Silver . Forget BTC for now for anything else than shorting it.
I think Bitcoin is being manipulated in a similar way to Gold. Supress the price and acquire more. I think Bitcoin is still undervalued and when the reward for mining Bitcoin and the rate at which new Bitcoin enter the ecosystem halves in 2016, another major price shock to the upside will occur. Only all 21 million BTC will be in existence in 2150 or after. I agree with you that it may decline but it has such a long journey to go and I think that there is more resistance to the downside than the upside in the long-run.
When I speak with many bitcoin s.c. believers , they all deny these basic historical facts about the banks and money and property legal arbitrage. They think all these things are bad, or even worse, many don't even mind the facts. Actually without these things we will go back to the economic stone age. When there's a bubble created from huge percentage of such "thinkers", you don't expect them to have enough money be able to rise or even support the current market capitalisation of Bitcoin. That's why it will collapse.