Personally, I feel that the demand for BTC that is non-speculative is far less than the speculative demand. Therefore, I think the price could continue to fall for some time. I wouldn't be shocked if it gets below $50.
Looking at the 2-year graph, the price is still above what it was for most of 2013, before that massive spike in November 2013. I wonder if what we're seeing is Gartner's Hype Cycle.
The drop isn't as rapid, but it seems conceivable people who lose interest still wait some time to sell their bitcoins.