Very good question. Yes and no. It reflects to some extent, I really think objective people that truly understands technology ( not BTC biased people from before, potential new big investors etc.) don't see much value in Bitcoin. And honestly crypto is very addictive, so even ordinary people that had no idea about blockchain, and joined as late as December 2017, are doing their researches, their knowledge is gettting better every day that pass by, and they also see less and less value in Bitcoin.
However, we have to keep in mind that BTC was very very good to a lot of people in last 10 years. And they will not abandon that ship so eazily, they will defend Bitcoin to the last breath, every good news will end up in a hype, especially news about lightning network.
That is why we will see, I think, price jumping from 6k-12k range probably for quite some time....probably through whole 2018...but I think price wont go much under 6k (at least not for long), but also won't go above 12k, because as said before, there is not enough new investors. So BTC without new investors, now need use cases, BTC needs people that actually needs to spend BTC....
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Yeah, certainly there are many that lots of people having made considerable gains, and are determined to hodl, but my guess is those won't bring in any new funds, required for better figures. And of those whose got in end of 2017 for the lambos, i wonder if many of those will dig deeper. so on one hand there is a new infrastructure gearing up, on the other hand there are high expectations priced in in btc, and if those are deceived i worry this might drag down the whole market...