Bittensor Price has risen above $300, experiencing a 7% increase in the last 24 hours. This surge follows a broader market rebound. With the TAO Halving approaching on December 14th, analysts are expecting a 50% price increase.Â
The crypto market as a whole is up 4%, reclaiming a 10%Â decline in the last month. Bitcoin price has also recovered, and it is above $91k. Other leading cryptocurrencies, such as Ethereum (ETH), XRP, and Solana (SOL), have also recorded immense growth.
Grayscale Analyst Foresees Bittensor Price Surge After Halving Event
Grayscale analysts have stated that the next TAO halving might cause an increase in prices. The initial halving of Bittensor starts on Dec.14.This will reduce the daily emissions of the TAO tokens by 7,200 to 3,600, which may increase its value.
As the analyst noted, the past halving cycles of Bitcoin have brought about tremendous price increases. In their view, TAO may end up in the same place.
This forecast has attracted the interest of a large number of people in the cryptocurrency market. The investors are now monitoring the halving with bated breath, hoping of future returns.Â
Analyst Predicts 50% Surge for TAO Price This Week
A crypto analyst has recently given an overview of the cryptocurrency market, with emphasis on TAO token.Â
The analyst observed that TAO has escaped a falling wedge pattern on the 4-hour chart, which is an indication of the possibility of an upward trend. The analyst anticipates a strong bullish trend and projects a 50% increase in TAO in the week.
The chart shows a noticeable wedge breakout, which is one of the technical indicators that usually indicates a reversal in price action. In case this upward trend persists, TAO token may gain significantly over the next few days.
TweetWill Bullish Trend Continue?
As of the latest update, the TAO price surged to $301, showing a strong increase over the past 24 hours.
The MACD (Moving Average Convergence Divergence) shows a positive trend. The MACD line has crossed the Signal line, indicating a possible bullish momentum.
Additionally, the RSI (Relative Strength Index) stands at 64, signifying that the market is at present in the bullish zone.
 If Bittensor price maintains its upward movement, the immediate target would be to break the $320 resistance.Â
A successful breakout could lead to a further surge towards the $350 level, with Bittensor longer-term targets reaching as high as $360.
Source: TAO/USD 4-hour chart: TradingviewIn case TAO fails to overcome resistance or has a sharp pullback, it might retrace to the $300 point as support.
Source: https://coingape.com/markets/bittensor-price-breaks-above-300-eyeing-a-50-surge-ahead-of-halving/
