Pundit Says Current Altcoin Trend “Feels” Like January 2019, Here’s What Happened Back Then
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.
bitcoinist01/12 21:02