Bittensor (TAO) Unstoppable Uptrend: Soars 40% As Experts Forecast Future Price Gains
2024年9月21日 - 5:30PM
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Decentralized blockchain network Bittensor and its native token,
TAO, have shown significant upward momentum over the past month,
consistently outperforming major cryptocurrencies such as Bitcoin
and Ethereum across all time frames. Designed for
decentralized finance (DeFi) applications, TAO has surged past the
$400 mark, achieving nearly 45% gains in the last month alone and
an impressive 695% increase year-to-date. Analysts are optimistic
about the token’s future potential, especially given that TAO
reached an all-time high of $757 earlier this year. Many market
experts believe that TAO could approach this price level again
before the year ends. Keys Behind The Bittensor Price Rally
Technical analyst Altcoin Miyagi has commented on the recent price
action, noting that Bittensor has quickly moved past liquidity
zones and is nearing a key target of $450. He anticipates a brief
correction and some volatility before the price continues its
ascent towards $600. Miyagi also highlights the impending
“artificial intelligence (AI) season,” which he believes will
heighten investor interest in TAO and drive further price
appreciation. This optimism is rooted in Bittensor’s goal to
develop decentralized AI production. According to Bittensor’s
official website, TAO is the decentralized currency that powers the
production of AI within subnets. These interconnected subnets
facilitate profitable interactions, allowing different AI entities
to share and enhance each other’s capabilities. Related
Reading: MicroStrategy’s Bitcoin Stash Exceeds 250,000 BTC
Following Half-Billion Dollar Acquisition Supporting this bullish
outlook, analyst Dread Bongo emphasizes the transformative impact
of AI on various sectors, noting that the pace of change is
accelerating rapidly. The analyst cites innovations from AI
startups and established companies alike, including the recent
launch of a record-breaking $30 billion fund by asset manager and
crypto exchange-traded fund (ETF) issuer BlackRock and Microsoft
aimed at bolstering AI infrastructure. Bongo believes that the AI
sector, currently ranked #30 on CoinGecko, is significantly
undervalued and poised for growth. He predicts that AI within the
cryptocurrency space could rival established categories such as
Layer 1 protocols, smart contracts, and stablecoins. With this
context, Bongo argues that TAO is well-positioned to capture a
significant share of the artificial intelligence market, setting
the stage for potentially substantial future gains. Analysts Eye
$1,000 Target For TAO Currently trading at $415, TAO has
experienced a surge of over 43% in the past seven days and a 10%
increase in the last 24 hours. Despite this performance, the token
remains approximately 45% below its all-time high in April.
Market analyst Crypto Pirates has noted that TAO has recently
broken out of a 100-day consolidation period following its recent
correction. After peaking, the token experienced a drastic decline,
losing over 80% of its value and plummeting to as low as $163
during the broader market crash on August 5. However,
according to Crypto Pirates, this ongoing breakout could signal the
beginning of a major upward move for the TAO token. Related
Reading: Ripple Whales Accumulate Over 380 Million XRP in Just 10
Days: Is A Breakout Near? Adding to the bullish sentiment, analyst
EyeofCyber has expressed confidence that TAO could reach the $1,000
milestone as early as next week. He emphasizes that Bittensor is at
the forefront of decentralized training, stating, “Everyone WANTS
$TAO.” Despite this optimism, market behavior often includes
corrections after strong price advances. Pullbacks may occur in the
coming days, making it crucial for TAO to hold lower support levels
to maintain the current bullish trend and achieve further price
gains. Featured image from DALL-E, chart from TradingView.com
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