Analysts note parallels with March 2020: Will this time be different?

cointelegraph.com:

Analysts in both crypto and traditional markets have noted some startling similarities between the recent downturn and the one caused by a pandemic panic in March, 2020.

The real question is whether it’s the start of a larger downturn or if there will be a significant bounce-back as in 2020 that led to an extended bull run in both crypto and stocks markets.

Podcaster and author of The Pomp Letter, Anthony “Pomp” Pompliano is on the permabull side of the ledger, tweeting on May 18 that since March 1, 2020 when one Bitcoin cost about $8,545, “Bitcoin is up 340%.”

Bitcoin is up 340% since March 1, 2020.As central banks around the world devalued their currencies at a historic rate, there is only one asset that stood out from the pack.#bitcoin is the savings technology that shields billions of people from undisciplined monetary policy.

Among those hopeful of a turnaround is investment firm Real Vision’s CEO Raoul Pal who believes Bitcoin markets have been painting a pattern that shares traits with the March 2020 crash.

In his May 13 episode of Raoul Pal Adventures in Crypto, Pal explained that with the downward price action last week, Bitcoin (BTC) may have “shot straight down” to the bottom of the current wedge formation and is now in a range that will eventually lead to another rise in price. He said,

On March 12, 2020, investors panic-sold many assets, including Bitcoin, as fear about how the market would be impacted by the COVID-19 pandemic and global lockdowns. On that day, Bitcoin fell 45% from $7,935 to $5,142 according to CoinGecko.

The current decline in traditional markets has led to a loss of $7.6 trillion in market cap from the tech heavy Nasdaq, in non-inflation adjusted terms, more than the dot-com bubble and the