“I think they still look good and I have a bag of them trading around,” one popular analyst stated.
Several leading altcoins are seeing a nice rally today (June 16), but Bittensor (TAO) failed to follow the overall rally, posting a significant daily decline.
However, many analysts believe it may be poised for a rebound that could take it back to multi-month highs.
Big pump incoming?
TAO is currently trading at around $268, which is down 7% over the past 24 hours. It is important to note that its decline occurred despite Grayscale’s positive statements. Just hours ago, the digital asset management company He claimed That centralized companies like Anthropic are more vulnerable to government intervention and that decentralized projects like Bittensor “offer an alternative.”
“Bittensor provides open source, permissionless access to artificial intelligence through a decentralized global network,“The company posted on X.
X Altcoin Sherpa User male That TAO has lagged behind many well-known cryptocurrencies, suggests that the weakness may stem from traders pre-selecting the position and many of them being fully allocated already. Meanwhile, the analyst said that TAO still “looks good” and that they are still invested in it.
User
Ali Martinez also gave his two cents. he Argue TAO is approaching the top of its descending channel and expects that a decisive breakout could open the door to a jump to $350 and then $420.
The recent net inflow of asset swaps raises the possibility of a recovery in the short term. Over the past few weeks, outflows have exceeded inflows, suggesting that many investors have abandoned central trading venues in favor of self-custody solutions, thus reducing immediate selling pressures.
How about $500?
Another analyst who seems very fond of TAO is Michael van de Poppe. A few days ago, he said described He charted the token as “exceptional” and envisioned a potential price explosion to $500.
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Soon after, he opinion The strongest altcoins from previous months, including TAO, could extend their strong performance in the near term, provided that Bitcoin (BTC) has already bottomed.
Recall that at the beginning of June, the underlying cryptocurrency briefly collapsed to around $59,000 – its lowest level in 19 months. Although it recovered by more than $65,000 after the peace agreement between Iran and the United States, some analysts say He believes The worst of this cycle is yet to come.
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