My belief is that the crash was induced by market manipulation. Group of people who holds some amount of BTC sells their BTC on coinbase or/and other exchnages to get market in red. In the same time they have leveraged postions on other exchnages with short postions. This is relativly easilt done bceause btc volume is small and therefore they dont ned a lot of money . the rest what happened was panic of the market. Its hard to tell wether it is healthy, it shacked of a lot of investors whihc have lost a ton of money but who will come and take their place..
In every market, there are always those ones who are the bigger players and what they do is trade in the emotion of the market.
Wind_Fury said something one time on one thread here, that we should be very much scared of the whalecumulators, so he called them, considering that they are everywhere and trying to see the reaction of people to the present trend, and since basically the market consolidated for a while in the descending triangle, and a lot of people started calling bull runs, probably, we'd just imagine this is a way of getting more of the weak hands to bail out eventually and give up hope for the market.
Recent crash to me is just more of a chance to buy more, and possibly we are getting pretty close to when we will get to see the institutions kick in with a great bounce.