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The established blockchain network Bittensor and its native token, TAO, have shown tremendous growth over the past month, consistently outperforming major cryptocurrencies such as Bitcoin and Ethereum at all times.
Designed for decentralized finance (DeFi) applications, TAO has crossed the $400 mark, achieved nearly 45% gains in the past month alone and an impressive 695% year-to-date increase.
Analysts are optimistic about the future potential of the token, especially since TAO reached a peak of $757 earlier this year. Many market experts believe that TAO could approach this price level again before the end of the year.
The Keys Behind the Bittensor Price Rally
Altcoin technical analyst Miyagi commented on the recent price action, to be aware that Bittensor has quickly moved past liquidity areas and is approaching the main target of $450. Expect a short correction and some volatility before the price continues its upward move towards $600.
Miyagi also highlights the upcoming season of “artificial intelligence (AI),” which he believes will increase investor interest in TAO and drive price appreciation. This hope is based on Bittensor’s goal of developing expansion AI production.
According to on Bittensor’s official website, TAO is a decentralized currency that enables AI production within subnets. These interconnected subnets facilitate profitable collaboration, allowing different AI entities to share and improve each other’s capabilities.
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Supporting this bullish view, analyst Dread Bongo emphasizes the revolutionary impact of AI in various sectors, noting that the pace of change is increasing rapidly.
Analyst quote innovations from AI startups and established companies alike, including the recent launch of a record $30 billion fund by asset manager and crypto exchange-traded fund (ETF) issuer BlackRock and Microsoft aimed at strengthening the AI ​​infrastructure .
Bongo believes that The field of AIcurrently ranked #30 on CoinGecko, it is remarkably undervalued and poised for growth. He predicts that AI within the cryptocurrency space can compete with established categories such as Layer 1 protocols, smart contracts, and stablecoins.
In this context, Bongo asserts that TAO is well positioned to capture a significant portion of the artificial intelligence market, setting the stage for potentially huge future gains.
Analysts Eye $1,000 Target For TAO
It is currently trading at $415, The TAO it has increased more than 43% in the last seven days and increased by 10% in the last 24 hours. Despite this performance, the token remains nearly 45% below its all-time low in April.
Market analyst Crypto Pirates has it noted that TAO recently broke out of the 100-day consolidation period following its recent correction. After peaking, the token fell sharply, losing more than 80% of its value and falling as low as $163 during a widespread market crash on August 5.
However, according to Crypto Pirates, this ongoing explosion may indicate the beginning of a major rise for the TAO token.
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Adding to the bullish sentiment, analyst EyeofCyber ​​has it revealed confidence that TAO can reach the $1,000 milestone early next week. He insists that Bittensor is at the forefront of empowered training, saying, “Everybody WANTS $TAO.”
Despite this optimism, market behavior often includes corrections after strong price developments. A reversal may occur in the coming days, making it very important for TAO to hold low support levels in order to maintain the current bullish trend and gain further price gains.
Featured image from DALL-E, chart from TradingView.com