Vicious Crypto Crash Could Supercharge Bitcoin Price Rally to $20,000

Josiah Wilmoth @Y3llowb1ackbird
May 17, 2019

By CCN: 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.”

Bitcoin Price Faces No Major Resistance Until $20,000

The bitcoin price flash-crash did not alter BTC’s long-term uptrend. | Source: Mati Greenspan/eToro

While perhaps uncomfortably reminiscent of the 2018 crypto crash, Greenspan stressed that the sell-off had not plunged bitcoin below any key support levels, nor had it caused BTC to break below its long-term ascending trendline.

A swift recovery would not only confirm the market’s bullish sentiment but would also put the bitcoin price on the fast-track to test the record high it set in December 2017. That’s because the flagship cryptocurrency faces “virtually no major levels of [technical] resistance” until it approaches $20,000.

Of course, this bullish narrative hangs entirely on BTC rebounding in the near-term, rather than slouching back toward its bear market lows.

“So,” Greenspan warns, “trade with caution.”

Click here for a real-time bitcoin price chart or here to read CCN’s latest crypto market analysis.

This article was edited by Josiah Wilmoth.

Last modified (UTC): May 17, 2019 10:34

Josiah Wilmoth @Y3llowb1ackbird

Josiah is the US Editor at CCN, where he focuses on financial markets. He has written over 2,000 articles since joining CCN in 2014. His work has also been featured on ZeroHedge, Yahoo Finance, and He lives in rural Virginia. Follow him on Twitter @y3llowb1ackbird or email him directly at josiah.wilmoth(at)