Bitcoin’s mammoth rally suffered a devastating setback on Friday when a $35 million sell order triggered a vicious flash crash on Bitstamp. By the time the dominoes had stopped falling, the bitcoin price had plunged as low as $6,894, and more than $32 billion had vanished from the crypto market cap.
And fervent bitcoin bull Mati Greenspan couldn’t be happier.
Finding a Silver Lining in the $32 Billion Crypto Crash
A $35 million sell order triggered a vicious bitcoin price crash. | Source: Yahoo Finance
Greenspan, a senior analyst at eToro, gushed about the sudden pullback in daily market commentary shared with CCN, stating that it was “picture perfect” and could pave the way for the bitcoin price to blast toward a new all-time high above $20,000.
What could possibly be bullish about this crypto bloodbath? Greenspan explained that the sell-off would provide analysts with a better picture of the true nature of the recent bitcoin price rally.
“The pullback is happening as we speak. This is a great thing because it will allow us to better understand the nature and scope of the recent rally. When things are just going straight up, it becomes really difficult to tell how far they’ll go and how far they’ll fall after.”
“It should also help us to eventually make the distinction and say if this is a bull market or just a bull run. Not to mention, providing a cheaper price for those looking to buy in without having to buy the top.”