is he hoping btc will crash down to 5$ to save his bacon?
Well, someone tried to manipulate bitcoin-24.com just now by indeed trying to crash the BTC.
On the other hand, does he really need to? 65.000 BTC was traded over a period of 2 days crashing the price of BTC from $15 to $8, and is now back at $10. If he sold at the right time (initiating the crash) and sold at the right time and is now slowly buying back enough BTC he doesn't need to hope for anything.