Date: Fri, Sept 20, 2024, 04:47 AM GMT
The cryptocurrency market is on bullish ride! Over the last 48 hours, a significant rally has begun after the U.S. Federal Reserve made decision to cut interest rates by 50 basis points. This move has sparked a wave of positivity, sending the market upward. Bitcoin (BTC) alone jumped by 3.07% in the last 24 hours, pushing its price closer to $64,000.
But it’s not just Bitcoin that’s gaining attention. AI tokens are having a moment, with Bittensor (TAO) leading the pack. In the last 24 hours, TAO surged by an impressive 14.21%, and over the past 7 days, it’s up nearly 44%, making it the top gainer among AI-related cryptocurrencies.
Currently, TAO is trading at $424, just near of its next resistance level of $433.07. If TAO manages to break through this resistance, analysts predict it could climb toward $494, representing a potential 16% upside from its current price.
Analyst Sees Massive Potential Ahead
Crypto trader Crypto Jaibrah shared an optimistic outlook for TAO, stating that the token has been repeating a familiar pattern. According to him, “Last summer, $TAO formed a head and shoulders pattern and broke out to the upside in the fall, pumping 1,100%. Now, $TAO is showing the same fractal pattern.”
Jaibrah suggests that if history repeats itself, we could see TAO hit $4,000 by Q1 2025, assuming it breaks above the key $400 level.
With Bittensor’s recent performance and growing excitement around AI technologies, many are keeping a close eye on TAO for potential long-term gains.
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