Bittensor (TAO) Challenges Bitcoin with Price Surge

Yesterday, supported by news of Coinbase’s upcoming futures launch, Bittensor’s (TAO) price continues to challenge Bitcoin. In the past, the altcoin surged to $767 but then experienced a sharp decline. TAO, which has recovered, rose from $217 to $331 in the past 7 days. However, despite the rise in the last week, investors unsure of the potential profit from TAO might miss out due to their apprehensions.

Bittensor (TAO) Comments

Upon examining TAO’s price, it was observed that it might face some resistance while rising. Despite a 51% increase on the TAO side, the asset’s Sharpe Ratio remained fixed at 1.5. Although this is considered a positive indicator, it may not be attractive to investors who prefer to proceed with risk analysis.

Sharpe Ratio may have a positive outlook, but it might not indicate an extraordinarily strong performance due to the risk involved. Investors generally want a return for the risk they take and therefore look for higher Sharpe Ratios. Thus, a ratio of 1.5 might not meet expectations.

In addition to the cautious approach, current TAO investors also seem to maintain their skepticism about the upward trend. The existing skepticism reveals a strong lack of confidence in the future performance of the examined asset, while the bear pressure seems to be increasing.

The sentiment among TAO investors could lead many to adopt an increasingly pessimistic mindset. If this situation triggers some selling actions, the upward trend might disappear.

TAO Price Prediction

TAO’s price accompanied the recent rise in Bitcoin and surpassed the $350 mark, indicating a 46% increase. However, it remains to be seen whether the resistance at $351 can be turned into significant support. If this level can be secured, a price movement towards the next resistance at $377 could be observed.

In case of a market reversal, TAO’s price could drop to $257 and hover below $304 for a while. If the altcoin falls below this level again, the consolidation process might extend further, leading to larger declines that erase most of the gains.