The cryptocurrency market has reached a historic record, buoyed by Bitcoin's growth and the positive trend of altcoins like Bittensor (TAO).
Historic Bitcoin Growth
Today, Bitcoin (BTC) has reached a new record high of $122,000. This contributes to a general optimism in the cryptocurrency market, which also includes Ethereum (ETH), showing an 18% gain over the past week.
Technical Analysis of Bittensor (TAO)
Bittensor (TAO) is marked by positive dynamics, rising 8% today and 28% over the week. A classic Bearish Butterfly harmonic pattern is forming on the TAO charts, indicating a potential continuation of the bullish trend.
Outlook for TAO
If TAO maintains this bullish momentum with increasing volumes, a move of over 66% towards the $702.99 target is possible. However, staying above the 200-day moving average, currently around $361, is crucial to keep this bullish setup intact.
Overall, the current market sentiments support the bullish momentum, and TAO may be gearing up for its next significant breakout.
