Altcoins May Struggle in the Coming Months, Says Benjamin Cowen
Crypto analyst Benjamin Cowen predicts that altcoins will face difficulties for the rest of 2023 based on historical trends. In a video for his YouTube channel with over 787,000 subscribers, Cowen explains that altcoins typically struggle in pre-halving years, especially during the latter half. The next Bitcoin halving is scheduled for April 2024, when miner rewards will be cut in half.
Cowen also warns that Bitcoin’s positive performance this month may not last, as it closed in the red during the previous pre-halving year of 2019. He advises caution and highlights several altcoins that have already seen declines this month, including Ethereum, Cardano, Polkadot, Solana, Avalanche, Dogecoin, and Polygon.
Hot Take: Altcoin Struggles Expected to Continue
Based on historical patterns and current market performance, crypto analyst Benjamin Cowen suggests that altcoins are likely to face challenges in the coming months. Pre-halving years tend to be tough for altcoins, with struggles intensifying in the latter half. Cowen also cautions against overly optimistic expectations for Bitcoin’s performance this month. Several altcoins have already experienced declines, indicating a potential trend. Investors should remain vigilant and consider these factors when making investment decisions in the crypto market.
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