Bittensor (TAO) Is Set to Move to All-Time Highs at $767 Because of Very Strong On-Chain Metrics

The Bittensor (TAO) chart suggests all-time highs will be hit in the next 3 to 4 months.

Bittensor (TAO) is set to hit all-time highs at $767 because of very strong on-chain metrics. The TAO chart suggests all-time highs will be hit in the next 3 to 4 months.

After hitting an all-time high of $767.68 on March 19, 2024, Bittensor (CRYPTO: TAO) price began a downtrend that saw it lose over 73% of its value by July 5. However, the token found support at $210, forming a higher low on September 6.

Following this price movement, several traders have been anticipating a continuation of the bull cycle, with some expecting TAO to hit all-time highs again by the end of 2024.

Several factors have contributed to Bittensor’s recent meteoric rise. As the platform’s decentralized AI framework revolutionizes how AI blockchain networks operate, the native token has emerged as a standout asset within the crypto space, attracting both institutional interest and retail investor enthusiasm.

Moreover, Bittensor’s recent performance coincides with rebounds in major AI companies such as Nvidia (NASDAQ:NVDA), C3.ai (NYSE:AI), Alibaba (NYSE:BABA), and Palantir (NYSE:PLTR). Notably, Alibaba's decision to launch over 100 open-source AI models and OpenAI's valuation surge from $100 billion to $150 billion further fueled enthusiasm for AI-related tokens, including Bittensor (TAO).

In addition, the upcoming launch of the Bittensor Improvement Template (BIT001), which will tokenize each subnet within the Bittensor ecosystem, promises to further decentralize and enhance the network’s superintelligence capabilities. This development, coupled with the introduction of $TAOBOT, is expected to enhance the adoption of decentralized AI, driving up the value of TAO.

Grayscale's endorsement of Bittensor has also played a crucial role in its rise. The launch of the Grayscale TAO fund has attracted over $4.1 million in assets, with trades occurring at a 5.6% premium to net assets.

From a technical perspective, Bittensor's price movements have shown strong bullish patterns as it recovers from the March 19 to July 8 plunge. The token formed a triple-bottom at $217 and broke its neckline at $365 in late July, achieving significant gains in August and September.

Furthermore, a golden cross pattern formed in September as the 50-day moving average crossed above the 200-day moving average, signaling further bullish momentum.

As of late September, Bittensor was approaching a critical resistance level at $600, representing a 23.6% Fibonacci retracement level. Analysts predict that if TAO breaks through this level, it could target $777, marking a 30% gain from its current price.

The bullish Bittensor price predictions are supported by several metrics both in the spot and derivatives market.

In the spot market, TAO liquidations data shows that a majority of the liquidated positions over the past three days were short positions—a clear indication that bulls are still in control despite some investors anticipating a pullback following TAO’s meteoric rise.

Those who are betting on a TAO pullback are doing so on the precept of TAO having entered the overbought region seeing that the 14-day RSI is above 78.

In the derivatives market, the TAO futures open interest also portrays a bullish case for Bittensor seeing that the open interest is on the rise after a slight drop on September 29. An increase in open interest suggests new money entering the market, indicating a potential bullish trend.

Furthermore, TAO OI-Weighted Funding Rate and TAO Volume-Weighted Funding Rate have seen a significant uptick—a development that usually signals bullish traders, who expect the price to rise.

The strong market demand, the imminent launch of BIT001, and key market metrics point to an increased bullish momentum for Bittensor (TAO).

We continue to caution against the short term TAO timeframes. The 1h TAO chart, for instance, is not the right timeframe. It creates a perception that $767 will be hit soon, very soon. We don’t think so simply because this analyst only focused on the triangle ignoring the equally important horizontal levels representing Fibonacci.

$TAO/usdt 1 hour

THERE. IT. GOES.

Told ya, we’re not playing this cycle …. $640 is next https://t.co/ZlVM19lF4r pic.twitter.com/GA8yX99V5b

— Satoshi Flipper (@SatoshiFli

The above is the detailed content of Bittensor (TAO) Is Set to Move to All-Time Highs at $767 Because of Very Strong On-Chain Metrics. For more information, please follow other related articles on the PHP Chinese website!