Crypto analyst Benjamin Cowen says that altcoins will likely perform poorly for the remainder of 2023 based on historical patterns.
Cowen tells his 787,000 YouTube subscribers that altcoins will likely struggle to close out the year as they had in other pre-halving years.
The next Bitcoin (BTC) halving is expected in April 2024, when miner rewards are cut in half.
“The point is that regardless of what the S&P does, there’s a good chance that crypto, especially the altcoin market, is going to be struggling for the rest of the year, which is pretty common in pre-halving years for altcoins to really struggle, especially for the last half of it.
So just be aware that this is pretty normal. Even outside of recessions or recession scares, it’s not that uncommon to see this type of behavior.”
The trader also warns that while Bitcoin is up this month, BTC could close the month in the red as it had in 2019, the previous pre-halving year.
“Bitcoin has backtested the bull market s
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