Bittensor Price Prediction : What’s Next After a 131% TAO Price Rally?

Amid the ongoing crypto bullish outlook, triggered by the Gold rally and the recent Fed’s rate cut, Bittensor ($TAO), a fast-growing blockchain firm focused on developing decentralized artificial intelligence (AI), has registered palpable gains. In the past two weeks, $TAO price rallied over 131 percent to trade about $575 on Monday, during the early European session.

As a result, the mid-cap altcoin, with a fully diluted valuation of about $12.1 billion and a daily average trade volume of around $366 million, has signaled the onset of a fresh bull run. For the first time since January 2024, $TAO’s daily Relative Strength Index (RSI) rallied above the 70 percent level, indicating the bulls are in control.

In the weekly time frame, the $TAO price has consistently closed above the 50-day Moving Average (MA), and more upside is expected in the near term.

Midterm Expectations for Bittensor ($TAO) Price

From a technical standpoint, the $TAO price could experience significant resistance between $560 and $590, which could result in a retrace before the bullish continuation towards a new all-time high. However, if the $TAO price follows a similar bullish breakout to Q4 2023, the altcoin is likely to pump continuously in the coming weeks.

Nonetheless, if Bitcoin price retraces below $60k before the end of September, the $TAO price could retest the support level of around $357.

In the long haul, the much-anticipated altseason, triggered by the reversal of the macro Bitcoin dominance, will propel $TAO price towards the parabolic phase.

Growing Ecosystem

The Bittensor network has grown to more than 102k accounts in recent years, with more than 2.5 million on-chain transactions. The mainstream adoption of artificial intelligence, as observed with Nvidia’s parabolic growth, has helped AI-related crypto projects grow exponentially in recent years.