He's an Elliott waver.  I feel like I rarely (never?) see people create Elliott wave charts that actually come true that they can link to people after the fact to prove how great they are at charting.  It's usually more along the lines of them constantly, retroactively altering counts to make their chart fit after it's all already happened.  However, I can't imagine there's any 'smart money' looking to back up the truck at $8k, so he's probably right about it dumping.