Pundit Says Current Altcoin Trend “Feels” Like January 2019, Here’s What Happened Back Then

bitcoinistPubblicato 2026-01-12Pubblicato ultima volta 2026-01-12

Introduzione

A crypto analyst, Chad Steingraber, has drawn parallels between the current altcoin market trend and January 2019, a period marked by extreme negative sentiment that preceded a significant market turnaround. Back then, Bitcoin was trading near $3,000 and Ethereum around $100, but the market eventually rebounded strongly. By mid-2019, Bitcoin surged past $13,000, finishing the year 95% higher, which fueled a broader crypto rally. The total market cap grew over 44%, peaking at $350 billion, with trading volume surging 600%. While some altcoins like Ethereum and Litecoin gained over 40%, others like XRP underperformed. Currently, another analyst, @brain2jene, highlights a Falling Wedge breakout in the altcoin market cap (excluding top 10 coins). The key resistance level is $221.87 billion; a break above this could add $50-$60 billion to the market, targeting the upper trend line. The RSI breakout from a downtrend suggests strong momentum, potentially igniting a broader altcoin rally, with coins like VET, SUI, ICP, and IMO poised for gains. Traders are watching closely to see if history repeats.

Talks of an impending altcoin season are once again gaining traction in the market as major cryptocurrencies saw a fresh rebound at the start of this year. A crypto analyst has likened the current altcoin market trend to that seen in January 2019—a period that marked the early stages of a major market turn. The comparison now has many traders watching closely to see whether the market could be setting up for a similar move.

Current Altcoin Market Echoes Trend From January 2019

Crypto pundit Chad Steingraber said in a recent X post that today’s market feels a lot like January 2019, when investor sentiment was extremely negative. At the time, Bitcoin was trading near $3,000, and Ethereum’s price was around $100, when most believed the market was over. Yet despite the downtrend, the analyst revealed that he had invested heavily in both cryptocurrencies.

Although the market was recovering from a bear market, Steingraber revealed that things began to turn around in April of that year, leading to the strong long-term results that are now widely known. Notably, during that time, the crypto market saw a strong breakout that changed sentiment across the space.

According to CoinGecko’s yearly report for 2019, Bitcoin’s price surged over $13,000 in June and ended the year 95% higher than where it started. This price jump helped drive a broader market rally and marked a key transition from bear market lows earlier in the year. Altcoins also reacted to this surge in market momentum, as traders and investors sought growth beyond Bitcoin and diversified into lower-cap cryptocurrencies.

While some altcoins, including Ethereum, Litecoin, and Bitcoin Cash, climbed by more than 40% in 2019, other large-cap tokens, such as XRP, performed poorly, finishing the year significantly weaker despite earlier strength in 2018. Excluding individual altcoin gains, the total cryptocurrency market capitalization grew by more than 44% in 2019, peaking at $350 billion in late June. The market also experienced a surge in trading volume of over 600%, along with renewed enthusiasm among investors who had stayed on the sidelines during the prior downturn.

Altcoin Market Eyes Breakout As Analyst Flags 221B Level

In a separate post, crypto analyst @brain2jene shared a chart tracking the total altcoin market capitalization, excluding the top 10 coins. He explained that a Falling Wedge breakout has already set the stage for the market’s next move. The analyst noted that the wedge pattern has been forming for weeks and emphasized that altcoins typically begin to move once the price breaks above the wedge lines shown on the chart.

The chart also shows a clear pullback after the price hit the 221.87B resistance, which @brain2jene identified as the key level to watch. He explained that a clean break above 221.87B is critical and could add another $50-$60 billion to the market, with the target zone near the upper trend line.

Related Reading: Altcoin Season Index Crashes To Low 17 As Bitcoin Price Struggles, What This Means

Supporting this outlook, momentum appears strong, as the RSI on the chart has broken out of a downtrend. The analyst noted that this could signal the start of a broader altcoin rally, potentially boosting the price of coins like VeChain (VET), SUI, Internet Computer (ICP), and IMO.

Overall market cap excluding BTC at $1.25 trillion on the 1D chart | Source: TOTAL2 on Tradingview.com

Domande pertinenti

QWhat does crypto pundit Chad Steingraber compare the current altcoin market trend to, and why?

AChad Steingraber compares the current altcoin market trend to January 2019 because the current market sentiment feels similar, with extreme negativity among investors at that time, yet it marked the early stages of a major market turnaround.

QWhat were the prices of Bitcoin and Ethereum in January 2019, as mentioned in the article?

AIn January 2019, Bitcoin was trading near $3,000 and Ethereum's price was around $100.

QAccording to CoinGecko's 2019 report, how much did Bitcoin's price surge by June 2019, and what was its yearly gain?

ABitcoin's price surged over $13,000 by June 2019 and ended the year 95% higher than where it started.

QWhat key resistance level does analyst @brain2jene identify for the altcoin market capitalization, and what could a break above it lead to?

AAnalyst @brain2jene identifies the 221.87B level as key resistance, and a clean break above it could add another $50-$60 billion to the market, targeting the upper trend line.

QWhich altcoins does the analyst suggest could potentially be boosted by a broader altcoin rally based on the chart analysis?

AThe analyst suggests that coins like VeChain (VET), SUI, Internet Computer (ICP), and IMO could potentially be boosted by a broader altcoin rally.

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