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The Bittensor price dropped more than 1% over the past 24 hours to trade at $446.78 as of 9:40 am EST as investors take profit after the altcoin’s recent surge.
The Bittensor Price Soared To A New All-Time High After Vitalik Buterin Mention
The token earlier hit a new all-time high after Ethereum co-founder Vitalik Buterin mentioned TAO in an article focused on the promises and challenges of integrating AI and blockchain technology.
“The point of using cryptographic incentives to improve artificial intelligence is that it can be done without requiring excessive effort, such as using cryptography to completely encrypt artificial intelligence,” he said. “Bittensor falls into this category.”
The Bittensor Price Forms A Bullish Price Channel
4-hour chart for TAO/USDT (Source: TradingView)
The Bittensor price has formed a positive price channel after it registered a series of higher highs and higher lows throughout the past few days. This bullish momentum resulted in the altcoin overcoming the $435 resistance level in the last few hours. Should the crypto establish a position above this significant price point, it could continue climbing in the next few days.
This bullish thesis may be invalidated if the Bittensor price falls below the $435 mark within the next 24 hours. In this alternative scenario, the altcoin could drop to the subsequent support level at $375 in the following 48 hours. Continued sell pressure at this point may drag TAO to as low as $320 in the short term.
Technicals Suggest TAO May Correct Soon
Technical indicators on TAO’s 4-hour chart are currently flagging bearish. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators suggest that the Bittensor price could correct in the coming 48 hours.
The RSI line is dropping towards its Simple Moving Average (SMA) line. This is generally taken as a sign that buyers are losing some of their strength against sellers. A cross between these two lines could be indicative of bears re-gaining the upper hand against bulls. Sellers may then subsequently utilize the advantage to drag TAO’s value down.
TAO is still in a short-term bullish cycle, as indicated by the MACD line being positioned above the MACD Signal line. However, the gap between these two technical indicators is narrowing, which could be an early sign of an upcoming bearish trend reversal.
While the Bittensor price attempts to consolidate a position above $435, analysts are turning their attention to Bitcoin Minetrix and its potential to deliver 10X gains.
Bitcoin Cloud Mining Made Easy
Bitcoin Minetrix is an innovative Bitcoin cloud mining platform that aims to lower the barrier to entry and decrease the start-up costs for anyone looking to get started with cloud mining. Through its stake-to-earn model, investors can start earning a passive reward paid in BTC by simply staking the project’s BTCMTX token.
BTCMTX is selling for $0.0132 and can be purchased on Bitcoin Minetrix’s website using either Tether (USDT), ether (ETH) or bank card. Investors will want to hurry, as the token’s price is set to increase in less than 5 days.
Investors Are Betting Big On Bitcoin Minetrix
Big Announcement! 🎉#BitcoinMinetrix has hit a phenomenal milestone, raising over $10,000,000! 🪙 pic.twitter.com/toEsT1NvWv
— Bitcoinminetrix (@bitcoinminetrix) January 31, 2024
Bitcoin Minetrix has attracted considerable attention from investors as its presale surpasses the $10 million mark. Investors are likely taking advantage of the ability to earn BTC, which has recently entered the mainstream financial markets through the launch of spot Bitcoin ETFs (exchange-traded funds) in the U.S.
This wave of institutional capital could boost the leading cryptocurrency’s price in the medium term. In parallel to this, the upcoming halving event will make it more difficult for retail investors to come by new BTC, as mining rewards are scheduled to be slashed in half in April.
The reduction in mining rewards will increase the scarcity of BTC, which will subsequently boost the crypto’s price. Bitcoin derivative projects such as Bitcoin Minetrix are perfectly positioned to benefit from this, as investors will likely seek the next best project that can still give them exposure to BTC.
BTCMTX can be purchased here.
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