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Bittensor Price Prediction 2024: TAO Price Analysis

Last Updated June 14, 2024 11:01 AM
Nikola Lazic
Last Updated June 14, 2024 11:01 AM
By Nikola Lazic
Verified by Peter Henn
Key Takeaways
  • Bittensor has been on a downturn since reaching an all-time high in April 2024.
  • The blockchain underwent its first subnet merger in early June 2024.
  • Our Bittensor price prediction says TAO may reach $1,944 next year.

Bittensor’s TAO coin has been on a downturn since reaching an all-time high in April 2024. Not even the news that the blockchain had undergone its first subnet merger could stop TAO dropping and, on June 14 2024 TAO was worth about $323.35.

Bittensor did not immediately respond to a request for comment

We have made our own Bittensor price prediction, so let’s take a look at that, and also examine some of the facts and figures behind TAO. As well as that, we’ll talk a little bit about what Bittensor is and what it does.

Bittensor Price Prediction 

Minimum TAO Price Prediction Average TAO Price Prediction Maximum TAO Price Prediction
2024 $1,120 $1,361 $1,484
2025 $1,656 $1,850 $1,944
2030 $1,250 $1,500 $1,850
TAO Price Prediction
Bittensor could reach a new all-time high soon – but what then? | Credit: Nikola Lazic/TradingView

Bittensor Price Prediction 2024

In 2024, TAO should end its higher-degree wave three, which could then see the coin reach a new all-time high. First, we need to see where its current correction ends, with price targets depending on the depth of the correction. 

Bittensor Price Prediction 2025 

If we see a new all-time high in 2024, TAO’s price would confirm its larger bull cycle, which is why we could see its final high in 2025. These targets depend on the descending channel’s ending point, as well as the momentum behind the expected wave three for 2024. 

Bittensor Price Prediction 2030

If the price reaches its all-time high in 2025, that would conclude its bull phase and commence its bear one. These bear cycles are usually divided into a continuous downtrend and a period of stabilization, which can take around three years in total. That means the next bull cycle could start in 2029, from 80% to 90% lower than the all-time high. 

In 2030, the price of TAO would break out above this accumulation stage and form its first significant uptrend. 

Bittensor Price Analysis

In the Spring of 2024, TAO reached an all-time high, concluding its larger five-wave pattern from May last year at a low of $34. Subsequently, it entered a declining trend, reducing its value by around 60% to June 14. This period was marked by the formation of a descending channel, leading to a 0.618 Fibonacci retracement. 

TAO momentarily breached its descending resistance between May 21 and 23, but the move was a fakeout, leading to further decline afterward and a slightly lower low. The Relative Strength Index (RSI) stands at 34% and is getting close to the undervalued zone, which indicates that its macro low is getting near. 

On June 6, the MACD oscillator signaled the beginning of a downtrend as suggested by the moving averages death cross on the daily chart and red bars on the oscillator. With the price still in a downtrend, with no signs of a reversal, more downside potential is ahead. However, after it ends we could see the start of the next advancement leading to a new all-time high if TAO is in a major bull cycle. 

Bittensor Price Analysis
Bittensor is in a downtrend, but things could change | Credit: Nikola Lazic/TradingView

If this is the case, the uptrend from May 2023 to March 2024 was its first sub-wave in a higher degree five-wave impulse, meaning that the decline since March was its first bull market correction. As such it typically ends around the 0.618 Fibonacci level, but with no signs of a reversal, it could continue to 0.786 at $192 before the upturn. 

But if it bounces from 0.618, we could see it reaching $1,473 on its wave 3, which is at the optimal 1.168 Fibonacci level in 2024, and later in 2025, $1,944 on its fifth wave. If it starts this upturn lower, the targets would also be lower by around $100. 

Bittensor Price Performance Comparisons

Current Price One Year Ago Price Change
TAO $317 $60  428.33%
FET $1.57  $0.18 772.22%
RNDR $8.30 $1.80 361.11%
NEAR $5.95 $1.20 395.83%

How Do We Make a Bittensor Price Prediction?

Our price prediction for Bittensor combines technical analysis tools and recognizes the logic in price cycles. We’ve primarily used the Elliott Wave Principle, which describes these price movements in their motive and correction phases. Applied to the TAO-specific time-frames and its price history, we can come up with the targets, but the further we project the less accurate they are because they depend on what happens in between. 

TAO Price History

Bittensor Price History
Bittensor price history for the last 12 months | Credit: CoinMarketCap

 

Time Period Bittensor price
Last week (June 7 2024) $434.27
Last month (May 14 2024) $358.88
Three months ago (March 14 2024) $650.93
One year ago (June 14 2023) $60.35
Launch price (March 2 2023) $668.65
All-time high (April 11 2024) $767.68
All-time low (May 14 2023) $30.40

Bittensor Supply

Supply Figures
Maximum supply 21,000,000
Circulating supply (As of June 14 2024) 6,930,820 (33% of maximum supply)

From the Whitepaper

In its technical documentation, or whitepaper , Bittensor says it wants to help AI work better with markets. It says: “The
solution is a network of computers that share representations with each other in a continuous and asynchronous fashion, peer-to-peer (P2P) across the internet. The constructed market uses a digital ledger to record ranks and to provide incentives to the peers in a decentralized manner. The chain measures trust, making it difficult for peers to attain rewards without providing value to the majority. Researchers can directly monetize machine intelligence work and consumers can directly purchase it.”

Bittensor (TAO) Explained

Bittensor’s TAO coin is a digital currency that incentivizes AI production within a decentralized neural network protocol. Bittensor’s system rewards performance in AI production within a blockchain with their digital currency, TAO.

How Bittensor Works

Bittensor operates on a custom-built blockchain. Interestingly, it originally launched on the Polkadot (DOT) network as a Polkachain before the developers ultimately decided to launch a separate network. The new system, therefore, separates the validation processes from the computational actions.

Is Bittensor a Good Investment?

It is hard to say. The crypto has recently traded at an all-time high, but we don’t know whether it can maintain its momentum.

As always with crypto, you will need to make sure you do your own research before deciding whether or not to invest in TAO.

Will Bittensor go up or down?

No one can really tell right now. While the Bittensor crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up.

Should I invest in TAO?

Before you decide whether or not to invest in Bittensor, you will have to do your own research, not only on Bittensor, but on other coins and tokens such as Ordinals (ORDI). Either way, you will also need to make sure that you never invest more money than you can afford to lose.

Bittensor Attention Tracker

Bittensor Google Search Volume
Bittensor Google search volume | Credit: Google
Here is a chart for Bittensor’s Google search volume for the past 90 days. This represents how many times the term “Bittensor” has been Googled over the previous 90 days.

FAQs

How many Bittensor are there?

As of June 14, 2024, there were 6.9 million TAO in circulation, representing the total supply

Will Bittensor reach $1,000?

It might, as DigitalCoinPrice says it may reach that level next year.

What is Bittensor?

Bittensor is a decentralized network that’s designed to connect machine learning models, rather than computers or servers.

Disclaimer

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

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