Tech

Can Bittensor Price Hit $640 This October With Current Trends?

2 months ago
Bitcoin Ethereum News

Bittensor (TAO) price, a standout in the AI cryptocurrency market, is experiencing a significant upswing. Recent market events have reignited its ascent, pushing it closer to record highs. This surge boosts TAO’s prospects and injects enthusiasm into the broader altcoin landscape.

Why is Bittensor Price Surging?

Bittensor’s digital asset, $TAO, is witnessing significant growth thanks to its innovative decentralized AI approach. The platform is set to introduce BIT001, marking a transformative phase where each subnet gains unique tokenization, similar to owning SN1 or SN2 tokens. This development promises to revolutionize the AI field by facilitating decentralized superintelligence.

The anticipated launch has already pushed $TAO’s value up by over 105% in the last 30 days, ranking it among the top AI tokens in the market. This is attributed to the AI boom and Grayscale’s recent endorsement on September 27.

Looking forward, the introduction of $TAOBOT is poised to advance the landscape of decentralized AI further, signaling a promising future for Bittensor’s ecosystem.

Crypto Analyst Predicts $649 Target for TAO

Crypto analyst Quant Maven recently shared insights on x post about the potential movement in the price of the cryptocurrency TAO. According to the analysis, TAO might soon reach $649 following its recent triangle-shaped pattern formation. Despite some uncertainties around the completion of this pattern, the timing appears favorable for action.

The analyst suggests going long at $540 in the proposed trading strategy with a stop loss of $499. The target price is $649, offering a risk-reward ratio of 3:1. If this trade succeeds, it could yield an unlevered return of about 20%.

 

Crypto analyst Satoshi Flipper recently highlighted an intriguing trend in the TAO/USDT trading pair, noting a potential breakout. According to the forecast, TAO BitTensor’s price has been consolidating in a narrowing pattern, suggesting an impending sharp rise to $640. With the market showing signs of a buildup, the prediction signals a significant price movement could be imminent.

The AI-based cryptocurrency saw a significant increase in value today, jumping 10.16% to $588.60. Earlier in the day, the TAO price fluctuated between $525.72 and $608.41. Despite the day’s high, Bittensor remains below its all-time high of $767.68, set six months ago.

Over the past year, Bittensor has shown impressive growth from its all-time low of $30.40, reflecting an increase of over 1800%. The crypto market today is trading is a sideways trend as TAO price surges.

Bittensor price surge reflects robust market dynamics and investor optimism. TAO is well-positioned for potential gains with AI technology advancements and strategic endorsements. The target of $640 this October seems achievable amid these positive trends.

Frequently Asked Questions (FAQs)

Bittensor’s price is rising due to its innovative approach to decentralized AI and recent endorsements by major players like Grayscale.

The announcement of BIT001, a feature that allows each subnet on Bittensor’s network to have unique tokenization, has significantly contributed to the price surge.

BIT001 represents a transformative phase for Bittensor, enabling more tailored and potentially valuable use-cases for its subnets.

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Coingape Staff

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source: https://coingape.com/markets/can-bittensor-price-hit-640-this-october-with-current-trends/