Well, technically speaking he's correct that this is a buying signal. But this dump has made a serious frustration to the newbies there that encountered this kind of scenario for the very first time, I know that feeling and I guess everyone understands them too.
Obviously, Bitcoin has survived worse than this, like the entire previous year, for example. Selling now would be a disaster for everyone who tries to do so. Now is the time to buy, or at least HODL.
As I've mentioned in a speculation thread, we're still up and doing good even bitcoin's current price is $8000.
Think of this.
the bottom for this year was $3,400 and we are still @ $8,100.