If you look hard enough, you will see cycles and patterns EVERYWHERE. So many desperate people on the forum are willing to grab straws to hang on to their dreams. Folks, bitcoin will never see 1000 ever again. Most it will get to is 600. The days of rocketing to the moon are long over. Think about it: mining has been centralized to a few Chinese mining factories, market has been taken over by professional manipulators, bitcoin fundamentals have been shown to have too many weaknesses, bitcoin core developers have no leaders and no vision, bitcoin community has never been more disjointed, etc... It's over, folks.
I don't really see why people hype so much about centralization of mining by a certain group, as long as there is no 51% attack. You really think that anyone who purchased the equipment for a big mining farm has anything in mind except for maximizing their profit? If Chinese bitcoins double in price, so do yours! They are all the same thing. And if they are just a big pool, well - even less to worry about.
As for the patterns, see my
comment here.
PS. Not sold on the idea that "professional manipulators" are a new phenomenon - or even a serious one, though I realise that a lack of belief in the mystical powers of cetacea marks me as an iconoclast on BCT.
Thanks for that... that comment made my night!