Bittensor Price Prediction: Analyst Forecasts TAO’s Surge To New All-Time High

The Bittensor network’s expansion is fueling optimism around the TAO token, as market analyst Bitcoin Buddha predicts a surge to a new all-time high. Reflecting on the network’s growth, Bitcoin Buddha’s tweet highlighted the potential for TAO to overcome resistance levels, setting the stage for a bullish breakout. 

The Bittensor (TAO) price chart, by Bitcoin Buddha from late 2023 through 2024, reveals a fluctuating trend marked by sharp spikes and corrections. 

The current phase shows price consolidation within a symmetrical triangle pattern, typically associated with market indecision. This setup suggests that a breakout may occur soon, potentially leading to substantial volatility in either direction.

From April to August 2024, TAO traded within a descending channel, forming lower highs and lower lows. However, recent price actions indicate an attempt to exit this bearish phase. 

The symmetrical triangle suggests a critical juncture, where price movement could determine whether TAO continues its ascent or encounters resistance.

Key Support and Resistance Levels Identified

Bitcoin Buddha’s analysis identified critical support and resistance levels for $TAO, which play a vital role in determining its price trajectory. The $209.31 and $364.72 marks have served as strong support, absorbing selling pressure and preventing sharp declines. This indicates a robust base that traders may view as potential buying zones.

On the resistance side, $647.12 has been a key hurdle where the price has previously struggled to break through. Should TAO manage to surpass this, the next significant barrier lies at $777.90. Overcoming these resistance levels would solidify a bullish trend, paving the way for TAO to target a new all-time high.

Read also: Where Is the Buy Zone for Cardano (ADA)? Analyst Weighs In

Positive Sentiment Surrounds Bittensor Network Growth

In his tweet, Bitcoin Buddha underscored the expanding Bittensor network as a fundamental driver for $TAO’s anticipated price growth. The network’s expansion reflects increasing adoption and integration, strengthening TAO’s underlying value.

The analyst believes that any short-term dips are likely to be absorbed quickly, supporting the idea of sustained upward momentum. This perspective aligns with the ongoing consolidation phase, hinting at a possible breakout to higher levels in the near term.

Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.

We recommend eToro

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more

Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.