Bittensor Price Eyes Rally: Can TAO Hit $640 Target?

Bittensor (TAO) is poised for a potential surge, according to crypto analyst Satoshi Flipper. A bullish flag pattern identified on a chart suggests that TAO is preparing to break out.

Flipper's chart projects a surge to $640, as per CoinGecko data at press time, TAO is trading at $542.09, representing a 0.65% increase in the last day and a 31.49% rise over the week.

Bullish Flag Pattern in Formation

The bullish flag formation, characterized by two downward-sloping trendlines, typically indicates a continuation of an upward trend after a period of consolidation. The formation suggests that TAO's price is temporarily pausing before resuming its upward momentum.

Flipper's tweet notes that TAO is "flagging," indicating the token's approach to a critical point where a breakout could occur.

Potential Breakout Above $640

The analysis suggests a potential target of $640 for TAO's breakout. This target is derived from measuring the height of the initial upward move and projecting it upward from the expected breakout point.

Anticipation of the breakout is heightened by Flipper's cryptic "tick tock" commentary, hinting at an imminent price surge. Confirmation of the breakout will be crucial, particularly if the price moves above the upper trendline of the flag with increased trading volume.

Market Sentiment Remains Positive

Market sentiment around Bittensor remains optimistic despite the consolidation. The flagging pattern and Flipper's analysis suggest that many expect TAO to experience further gains soon.

Monitoring TAO's price action closely over the next few days will determine if the token can break free of its consolidation and make a run toward the $640 target.