As we approach 2024, optimism for a Bitcoin ETF approval is growing, with recent updates indicating that the SEC’s conditions are being met. Investors are curious about which altcoins might outperform Bitcoin in January 2024. Previously, the primary goal for altcoin investors was to increase their Bitcoin holdings, with BTC pairs being the most active and analyzed.
Axie Infinity (AXS) has seen a significant price drop since October 2021, reaching a low of 13,400 satoshis. However, a recent break in BTC pair resistance, supported by a rising RSI, suggests that if the 24,500 satoshi resistance is breached, AXS could climb to the 60,000 satoshi region, marking a 145% increase.
BNB Coin experienced a decline below long-term resistance in November 2022 and hit a low of ₿0.0051 in December. The coin has since rebounded, and if it can close above ₿0.007, a confirmed breakout could trigger the anticipated rally. The RSI is positive, and the initial target in a continued rise is the ₿0.0088 area, while a 25% drop from the current price is possible in the opposite scenario.
Arbitrum (ARB) is another altcoin with potential to outperform Bitcoin. Its chart structure resembles that of the other two altcoins, indicating a potential but yet unconfirmed uptrend. A legitimate RSI breakout suggests that if ARB maintains its strength, it could reach the 3,700 satoshi resistance. In a downturn, it could test support 20% lower.
In conclusion, while USD pairings are currently popular, analyzing BTC pairings is still crucial for detecting significant movements. The crypto market is poised for interesting developments in 2024, with altcoins like AXS, BNB, and ARB showing potential for significant gains against Bitcoin.
Investors and traders are closely watching the crypto landscape as the new year approaches, with a particular focus on Bitcoin ETFs and altcoins that might offer substantial returns. The anticipation of regulatory approvals and market movements creates a dynamic environment for potential investment opportunities.