In possibly one of the most unseen and unexpected moves, Bitcoin flash crashed all the way down to $3782.13 on Bitstamp, before recovering. Bitcoin is currently super volatile, and is trading in the $5000-$5500 range.

I even received a message from Binance, saying that I shouldn't trade markets at all because of this volatility.

And I side with them.

If you read my recent post entitled "buy this dip" and you saw the analysis part, I said that Bitcoin may likely melt through supports to trade within the $5k range. 

Welp, that's exactly where we are.

Here is a chart from Binance. I hope you read the analysis this time.😉

I believe that this terrible downward move was caused by shorters that entered the market for some profit.

These snorters weren't just any shorters though. They must have been big whales.

Everyone hears that Bitcoin has been plummeting really hard(my mom even called to check up on me because of this, because she knows that bitcoin is my only friend) so they rush to their various exchanges to sell off the last of their holdings of Bitcoin.

They sell it off at any price. They just want to let it go, really.

That accounts for the large sell off volume you see on the chart.

But, if I may ask, who's buying the crypto everyone is foolishly selling?(imo)

The smart guys are buying it. I was able to pick up about 0.1BTC at 4000 USD. That cost me $400, but it would usually have cost me $1000. To me, that's a $600 off deal. 

But will it bounce back?

All these drops are artificially caused, if you ask me. There are people with over 10000BTC liquidating all their assets at once.(if you saw the massive sell orders on Bitfinex, you'd understand)

Once these large sellers are gone(and they are running out of stuff to sell), the price has no way to go but up.

On the other hand, this might be a deeper correction phase, and Bitcoin might actually be going back to test old supports and resistances from its early days.

All I know is that 2020 would be a year to remember.

The is for reading!