Veteran analyst Crypto Bull has made bold claims regarding the price trajectory of Bittensor (TAO), suggesting the token could soon achieve $1000. Coupled with a recent price chart analysis and an enthusiastic tweet, the forecast has ignited conversations about TAO’s potential to rival Ethereum’s valuation in the long term.
Crypto Bull confidently stated on X that, “$TAO: $1000 incoming. The leader of AI is coming for 4 digits first and then will match $ETH price sooner or later.” This statement aligns with the technical indicators observed in the accompanying price chart, which hints at a sharp rebound after a notable breakout.
TAO Price Chart Reveals Bullish Patterns and $1,000 Target
The Bittensor price chart showcases a descending triangle formation, a technical pattern often associated with strong movements following a breakout. The pattern features a horizontal support level and a downward-sloping resistance line. After multiple attempts to hold support, the price briefly fell below the triangle before recovering sharply, suggesting a potential reversal or false breakout scenario.
Analysts project a target of $1,000 for TAO, based on the triangle’s height and the measured move following the breakout. This represents a potential 172% increase from the current price levels. Although trading volume data is not displayed, such breakouts are typically validated by increased buying activity, further supporting the bullish outlook.
Support and Resistance Levels Key to TAO Price Movement
The Bittensor chart indicates strong historical support at the lower boundary of the triangle, where prices consolidated before breaking out. Meanwhile, the downward-sloping resistance line highlights sustained selling pressure, which has gradually declined.
The breakout below the support level initially hinted at bearish momentum; however, the subsequent recovery and upward trajectory suggest renewed buying interest. If the momentum continues, the next key resistance could emerge near the $1,000 mark, aligning with the forecast.
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Analysts and Community Signal Optimism for TAO
The tweet by Crypto Bull reflects growing sentiment within the crypto community, positioning Bittensor as a leader in AI-related blockchain technology. With claims that TAO could eventually rival Ethereum’s valuation, the tweet has fueled anticipation among investors.
While such projections are inherently speculative, the alignment between technical analysis and the bullish sentiment suggests a strong case for short-term growth. As with any cryptocurrency, monitoring market activity, sentiment, and broader industry trends will be essential for evaluating TAO’s price progress toward its ambitious targets.
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