The trend up from the Sept low has broken; it's not just a dip. Given TBT decay the bottom will likely be lower this time than the $29+ it hit for last year's low. Everyone has been expecting treasuries to fall with the end of QE2 in June, but it probably isn't going to happen. If it were, rates would have been rising in anticipation of that. When June comes and nothing happens to bonds, TBT will likely start a prolonged sell-off. Could go a lot lower than $25 IMO.
Gross said something like who's going to buy treasuries after QE2 ends and the Fed steps aside. The Fed won't step aside; the debt ceiling will be raised and QE's will continue indefinitely. Meanwhile, TBT will decay. Going short treasuries isn't the same as being long TBT.