Three major cryptocurrencies to outperform Bitcoin $BTC in Q1 2024

Three major cryptocurrencies to outperform Bitcoin $BTC in Q1 2024

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Bitcoin is still at the high price of around $47,000. However, with major resistance and other factors likely to detain the price at $48,000 to $50,000, Kaspa (KAS), Arbitrum (ARB), and Bittensor (TAO) can outperform $BTC in Q1 of 2024.

Now that the Spot Bitcoin ETF has been approved in the US, not only has this allowed an institutional influx to start pouring into the king of the cryptocurrencies for the very first time, but it has also enabled the market to start taking some of its profits and putting them into other cryptocurrencies.

Kaspa (KAS) breaking downward trend

Some altcoins have already run hard, and therefore from a trader’s perspective these may not be ideal for the bigger profits. However, Kaspa (KAS) is a layer 1 blockchain that has been following a downward path since November 2023.

Source: Trading View

On the daily time frame it can be seen that $KAS is looking to break out of the channel. $2,000 is potentially the next major target.

Arbitrum (ARB) going parabolic

Source: Trading View

Arbitrum has become the leading layer 2 on ethereum. In this respect, given that ethereum is now taking centre stage away from bitcoin, the $ETH ecosystem coins are also likely to run.

Observing the daily chart for Arbitrum above, it can be seen that $ARB has followed an upward trend since 18 December 2023. The $ARB price appears to be going parabolic at this time, so it remains to be seen how long this can go on for. $2.45 is a potential profit taking target.

Bittensor (TAO) could challenge all-time-high

Source: Trading View

Bittensor (TAO) is the most beaten down of the three altcoins that are analysed in this article. After a fantastic period of growth that saw $TAO rise 690% from 24 October, to an all-time-high of $393 only 7 weeks later, $TAO then spiralled down, losing more than 50% of its value over the next few weeks.

Currently, it appears that $TAO may have found a bottom. The price is pressing firmly up against the resistance at $237. A break of resistance here, together with a break of the downward trend line, could see $TAO move back to challenge its all-time-high.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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