Dead cat
It was more like 10 minutes.
It didn't even go below the initial rise! If that's what he means, he's doubly wrong.
There was some panic after someone cancelled the ~20BTC @0.0045 buy order on MINTpal (the driving force behind the last rise) but the pice seemed to recover after someone placed ~40 BTC buy @0.0040
That 20 BTC on MINTpal fooled me too. I bought 1k on Cryptsy @0.0044, thinking it's unprobable to fall below 0.0045 soon but it might hit ~0.0049 today.
I think the 'panic' happened after someone sold 16BTC worth at 0.0046 in one go on Mintpal.