Altcoins may be in for a tough year. Crypto analyst Benjamin Cowen has raised concerns about the performance of altcoins for the remainder of 2023, citing historical patterns as a basis for his predictions.
In a recent YouTube session, Cowen expressed his belief that altcoins are likely to struggle in the coming months, echoing a common trend observed in pre-halving years.
Cowen’s outlook is tied to the impending Bitcoin (BTC) halving, scheduled for April 2024. The term “halving” refers to an event within the Bitcoin network when miner rewards are reduced by half.
The Halving Effect And Its Implications
Halving events usually occur approximately every four years and have significant implications for the cryptocurrency market. The reduction in miner rewards can lead to decreased supply, potentially driving up the price of Bitcoin due to increased scarcity.
“The point is that regardless of what the S&P does, there’s a good chance that crypto, especially the altcoin mark
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