Analysts observe similarities with March 2020: Will this time be different?

The market of Cryptocurrency is full of volatility and this is an inevitable part of the market. The experts are starting to observe similarities between the market in recent times with that of 2020. In both the traditional and bitcoin millionaire pro, the analysts are getting to see similar downturns like that of the pandemic period.

This is leading to a much bigger question among the analysts. Like, if it is the start of another big downturn. Or, like in 2020, there will be a bullish trend and the market may bounce back to a rising position.

Whether Cryptocurrency will be able to face the downturn or rise again like in 2020 is a matter of concern for the time being. To get a fair idea on bitcoin trading Visit Bitcoin smart.

Different Opinions Regarding The Matter

Various analysts and traders as well, are forwarding their views on this issue. Several tweets are trending on this matter. How the situation may turn around and what can be the results of other similar ideas are moving into the market.

● Anthony, who is an author and a podcaster at the same time, stands on a permabull side. He is of the strong opinion that Bitcoin will rise.

● He further adds that BTC has been rising by 340% since the pandemic.

● And, when the fiat currencies fell, only digital currencies were different from this condition.

● From improper financial policies, only digital currencies can save billions of population, says Anthony.

● But, the CEO of Real Vision believes that the markets of Bitcoin have the same pattern. This pattern is like that of that crash of 2020.

● The CEO talks about the falling price of Bitcoin last week. He adds that the price may fall to the bottom.

● And over time, the range will lead to an increase in price. This is the same pattern as 2020 during March.

The Scenario

During the initial days of the pandemic, most of the investors sold their assets after panicking. They had the idea that they were going to lose huge amounts of capital. So, selling was a safe option.

● The investors sold all the Bitcoins which were in their possession.

● The fear of lockdowns and worldwide crises was very high.

● Also, their fear was not false. Because the value of Bitcoin fell by 45%.

● With the recent downfall in the market, the technology-heavy Nasdaq has been losing 7.6 trillion USD of market caps.

● The Greed Index and the Fear of Crypto stand at a low position which is 8 among 100.

● This is the lowest number since the pandemic hit in 2020.

● The MA of fifty-day relating to investments in real estate, technology, and other finances is very near to the oversold levels. This is similar to what was observed in 2020.

● Gary Black, who is the managing partner of a firm, also shares a tweet saying that in May, the trading discount of Tesla was 20%.

● It is the broadest form that the analysts targeted.

● The index of S&P is showing a similar pattern as well.

● Bouncing back to a 2% rise after their continuous lows for a series of 52 weeks.

● It was the very same month of March when this last took place.

The market of Cryptocurrency is full of ups and downs. It may rise very fast at some times and fall drastically at others. But, the current pattern is almost similar to that of the period during the starting days of the pandemic.

Conclusion

The investors may feel the excitement of the repetition of the same trend. But, before that, they should also remember that the market conditions are not the same now. The inflation rates and interest rates are both high.

During the pandemic, the government's reaction was that of uncertain support to raise the price.

According to some reports, the bounce of the Crypto rates in the market was due to the adoption of the outstanding stimulus of the Fed. Other tweets by famous personalities are of the views that Bitcoin might be entering an outsized opportunity period.

It may take certaintime to understand the true pattern of the rise of Bitcoin. The investors should wait for sometime and then jump to a conclusion.