Hi @crypto.piotr,
Thank you for your inspiring reviews on the crypto market.

I think the flash crash was related to technical reasons. Let me explain my views on the topic.

Fibonacci retracements are used to measure how far the price will retrace after a trend. Prices usually retrieve 50% or 61.8% of the level at which they rose or fell. 61.8% is also known as the golden ratio.

Bitcoin entered an upward trend when it was at the level of 10k in October 2020 and reached 63k levels on April 14, 2021. This uptrend resulted in a 61.8% pullback as seen in the chart below.

As a result of the downward trend between April 14, 2021, and July 20, 2021, the price of Bitcoin decreased to 29k levels. The price rose again with a 61.8% correction, to 53k.

We have been in a consolidation period since September 7 and we wonder how much the correction can be. If the price corrections by 61.8% continue the Bitcoin price regress to the level of 38,5k. However, after the two Fibonacci corrections, a third major correction may not be needed as the prices approached the fair value.

Conclusion: I suppose September 7 crash was the beginning of the third Fibonacci correction in a row, but we don't need to pull back to 37,5k. I think that the upward trend that started on June 21th will continue.