Bittensor TAO Eyes Breakout Ahead of Halving
After plunging over 22% from a recent high above $460 to test support near the 20- and 50-day EMAs around $379, Bittensor TAO staged a swift rebound, climbing 52% from an Oct. 11 low near $275 to trade around $415 on Oct. 27. A bull-flag consolidation above the 20- and 50-day EMAs, combined with bullish indicators—oversold RSI, descending channel break, and rising volume—signals a potential breakout. Analysts highlight Elliott Wave and pennant patterns, with key invalidation near $365–$380. The upcoming first Bittensor TAO halving on Dec. 11, paralleling Bitcoin’s early supply shocks, further boosts upside, with practical price targets of $500–$520 and theoretical extensions to $660. Institutional backing, including investments via Yuma Asset Management’s AI/Q Fund and an $11 million private placement, underpins confidence in Bittensor’s decentralized AI network.
Bullish
Bittensor TAO’s technical indicators—including a bull-flag consolidation above key EMAs, oversold RSI recovery, and breakout from a descending channel—point to near-term buying opportunities. The anticipated first halving on Dec. 11 is likely to trigger a supply-shock rally, similar to historical Bitcoin halving cycles, driving medium-term upward momentum. Institutional investments through Yuma’s AI/Q Fund and an $11 million private placement further validate confidence in Bittensor’s decentralized AI network, supporting sustained upside. Traders may target $500–$520 initially, with extensions toward $660 if momentum continues.