Bittensor Price Prediction: TAO Pumps Another 6% And Is Up 60% In A Month But This Cloud Mining Platform May Ride The Bitcoin Bull Run For 10X

BySteven Walgenbach

Updated: 01 November 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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The Bittensor price jumped more than 6% over the past 24 hours to trade at $87.30 as of 5:40 am EST as investors rushed to purchase the AI-centric project.

This gain in Bittensor price throughout the past day of trading also boosted the altcoin’s monthly performance to above 60% – making it one of the best monthly performers in the cryptocurrency market as well.

Bittensor Price Technical Overview

Daily chart for TAO/USDT (Source: TradingView)

TAO is attempting a challenge at the major resistance level at $94.85. If it is able to close a daily candle above this point within the next few days, then bulls may continue to boost the cryptocurrency’s price thereafter. In this bullish scenario, TAO could rise to as high as $107.65 in the short term.

Traders and investors will want to take note of the fact that a rising wedge has emerged on TAO’s daily chart. This particular chart pattern suggests that the altcoin’s price may undergo a strong correction soon. If this pattern is validated, then the altcoin’s value may look to retest the immediate support level, which is situated at $75.10.

Continued sell pressure once TAO drops to this mark could then lead to TAO breaking below this crucial price point. This will then expose it to the risk of dropping further in the following few days, with the downside target situated at $59.70.

Technical indicators on TAO’s daily chart suggested the presence of strong bullish momentum. As the altcoin’s price continues to trade within the rising wedge pattern, traders may want to be on the lookout for a potential bearish trend reversal.

A Potential Change in Trend

The daily Relative Strength Index (RSI) indicator signaled that TAO was in overbought territory. Bears usually begin to short a cryptocurrency once its RSi reaches this zone since its downside potential is far greater than its upside potential. A possible early indication of TAO’s positive trend coming to an end may be when the slope of the daily RSI line shifts from positive to negative, which could signal that buyers were starting to lose their strength.

Traders will also want to pay attention to the daily Moving Average Convergence Divergence (MACD) indicator on TAO’s daily chart. More specifically, the gradient of the MACD Histogram was transitioning from negative to positive, which may be a sign that TAO’s trend was entering into a bearish reversal phase.

While TAO is currently at risk of a steep correction, Bitcoin Minetrix could be the next project to generate 10x returns for early investors.

Capitalizing on BTC’s Hype

Bitcoin Minetrix is a decentralized cloud mining platform that implements a unique stake-to-mine model. This innovative approach makes Bitcoin (BTC) cloud mining as simple as staking tokens.

Anyone looking to get started will need to purchase BTCMTX, the project’s native token, from its official website. Once purchased, these tokens will need to be staked in return for gas rewards. These rewards are ERC-20 tokens that have to be burned in order for BTCMTX holders to claim a stake in the platform’s mining power.

Choosing #BitcoinMinetrix for effortless mining! 💎

Through cloud mining, bid farewell to worries about reselling equipment.#BTCMTX handles upgrades, enabling users to focus on their $BTC journey without the hassles of outdated hardware. ⚙️ pic.twitter.com/eT3BGAq4Wu

— Bitcoinminetrix (@bitcoinminetrix) October 31, 2023

Given the growing hype surrounding BTC due to several spot BTC exchange-traded fund (ETF) applications entering the market, it is only a matter of time before the market leader’s price skyrockets. Bitcoin Minetrix, with its core focus on simplifying BTC cloud mining for everyone, is perfectly positioned to benefit from the growing demand for BTC.

Adding to the project’s potential is the upcoming BTC halving event, which will make it more difficult to mint new BTC coins.

Bitcoin Minetrix is therefore set to capitalize on the growing demand and scarcity of BTC, and could become the de facto cloud mining project for anyone looking to generate a passive income through BTC cloud mining.