The cryptocurrency market is under pressure due to geopolitical factors, leading to significant price volatility for leading assets, including Bittensor (TAO).
Escalating Geopolitical Tensions
Recent tensions between Israel and Iran have negatively impacted the cryptocurrency market. Ethereum (ETH), one of the leaders by market capitalization, has dropped from a recent monthly high of $2,877 to levels around $2,530, causing downward movements in altcoins including Bittensor (TAO).
Bittensor Fractal and Potential Growth
TAO's daily chart shows a similar structure to what occurred in late 2024, when a deep downtrend formed an inverse head and shoulders pattern. Historically, after a 55% correction, TAO managed to rise 104%, providing hope for a possible repeat of this scenario.
Outlooks and Risks for TAO
If the fractal confirms and the price exceeds the neckline and 50-day moving average, TAO could rise to $1,080. However, traders must exercise caution, as failure to break these levels may lead to further declines.
Despite escalating global and economic uncertainty, the formation of a favorable fractal structure for TAO could signal potential growth, but confirming market dynamics is essential.
