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Epic Crash Hits Crypto Markets As Bitcoin Plummets to $43,500 in Matter of Minutes

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A rough weekend for crypto traders is underway, with Bitcoin crashing more than 16% from $52,000 to $43,500 in the span of about thirty minutes.

The top cryptocurrency bounced off the bottom and is now at $47,190 at time of publishing.

Ethereum and the altcoin markets followed BTC’s sudden meltdown, with ETH sinking from $3,983 to a low of $3,497 in the same time frame.

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The collapse triggered $2.41 billion in liquidations across the crypto market, according to the analytics firm Coinglass.

Bitcoin bull and trader Tone Vays says it’s too early to tell if $43,500 will be the bottom for BTC.

“Can this be the ultimate bottom [at $43,500]? I hope so, but right now we don’t have enough evidence of that. We need to give it more time.”

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Vays says he’s leaning bullish, and now is the time to see if BTC can quickly shift back to the $50,000 region.

“Technically, we should rally all the way back to the breakdown area. We don’t have to. That was a big drop. But right now, I’m obviously more bullish than bearish.

If I was in a trading competition I would rather go long than short… Generally, this is how markets bottom. I hope some people bought this dip. I really do.”

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Looking at long-term time frames, Bitcoin has not invalidated its overall bull trend, according to Vays.

“We’re still in a general bull market here. We’re not really in danger of going into a bear market so we shouldn’t be shorting at any time during a bull market… the weekly chart is looking good on a long-term moving average, so let’s make sure we hold this moving average.”

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