Bitcoin’s Latest Flash Crash May Signal Big Bull Run Ahead, Analyst Says

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Is this the push BTC needed for a new run?

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Summarize with AI

Bitcoin led the path south on Saturday with another violent crash that drove it to a seven-month low of just over $75,000, which meant that it had lost $20,000 in less than two weeks.

Moreover, the asset closed January with a 10% decline, becoming the fourth consecutive month to end in the red – something that more aligned with bear market performances.

Now, though, analysts are rushing to offer their views on the matter, and Merlijn The Trader believes there’s a silver lining in the multi-billion-dollar wipeout that occurred on Saturday.

The popular analyst outlined BTC’s different nature from other asset classes, reminding of its intense volatility. He explained that every major bitcoin rally has begun in a similar manner – a brutal flush that was succeeded by a broken confidence, and quiet accumulation.

The flush took place (again) yesterday, when BTC crashed and took down the rest of the market with it. The confidence is definitely broken, which is evident from the Fear and Greed Index, showing ‘extreme fear.’ Recent reports claimed that whales have begun reaccumulating the asset.

He added that “pain builds the launchpad,” and noted that BTC is now following the aforementioned script again. In a separate post, the analyst outlined the significance of the $78,000 level, which could determine the next short-term big move – either a “healthy correction,” or a deeper sell-off toward the recent low.