Crypto analyst Benjamin Cowen suggests that based on historical data, altcoins are likely to have a bad performance in the late months of 2023. Cowen stated on YouTube that altcoins will probably struggle to close the year, just like in previous years before halving.
The Halving Process in Bitcoin!
The next Bitcoin (BTC) halving process, in which miner rewards will be cut in half, is expected to occur in April 2024. The senior crypto analyst made the following statements regarding the matter:
The issue is that no matter what the S&P does, there is a high possibility that cryptocurrencies, especially the altcoin market, will face difficulties for the rest of the year. It is quite common for altcoins to struggle before halving, especially in the second half of the year. So, remember that this is quite normal. Even without an economic recession or fear of a recession, it is not uncommon to see such behavior.
The analyst also warned that despite Bitcoin’s rise this month, BTC might end the year in a bearish sentiment, just like it did in 2019 before the previous halving. The analyst stated the following:
Bitcoin tested the support band of the bull market and I know that many people are hopeful that the bearish sentiment will end and the downward trend will reverse. However, I want people to be aware that we saw something very similar in September 2019. It recovered in the first few weeks and then slowly declined. So, remember that this also happened in 2019 and we are now leaving the last week of the month behind.
Expectations for Altcoins from the Analyst!
According to the expert, some altcoins experienced a decline this month, which seems to support the thesis that altcoins will continue to struggle for months. The analyst highlighted the following in his comments about altcoins:
Ethereum (ETH) experienced a 3.31% decline. Cardano (ADA) dropped nearly 4% this month. Polkadot (DOT) experienced an almost 6% decline. Solana (SOL) had a 0.5% decline. Avalanche (AVAX) dropped 11% this month. Most of these altcoins experienced a decline this month. Look at Dogecoin (DOGE). It dropped by 3%. Take a look at Polygon (MATIC). It dropped nearly 5%. XRP showed a slight increase of about 0.16%. Last month, it experienced a nearly 27% decline, compared to, for example, a 16% decline in ADA or a 16% decline in DOT last month, or an 11% decline in Ethereum last month. So yes, XRP is rising this month. After the rise last month, it experienced a significant drop. Essentially, it is still following the gains it made after the SEC and Ripple news. After a nearly 31% drop last month, Litecoin (LTC) is currently experiencing a slight increase of 1.88% this month.
