According to the website - By CoinsProbe
The cryptocurrency market today has reached a historic level: Bitcoin (BTC) has soared to a new all-time high of $122,000. Ethereum (ETH) is also taking advantage of this bullish momentum, showing a weekly increase of 18%. This wave of bullish optimism is fueling major altcoins, and Bittensor (TAO) is now showing signs of joining the rally.
TAO has risen by 8% today, increasing its weekly growth to a notable 28%. But behind this price increase lies something even more important from a technical perspective — a harmonic pattern forming on the chart that could indicate a powerful continuation of the trend in the coming weeks.
A detailed analysis of the daily TAO chart shows the formation of a classic harmonic pattern known as the 'bearish butterfly'. This structure is widely used by traders and often precedes significant trend changes after reaching the final point 'D'. However, before the reversal, the currently unfolding phase CD is usually characterized by strong growth.
The formation of the pattern began at point X around $588.58 and developed in the usual harmonic rhythm: a drop to point A, a recovery to point B, and then another corrective drop to point C around $287.74. After this minimum was formed, the TAO price reversed and is now trading around $421, recovering critical positions and demonstrating a bullish structure.
According to the harmonic pattern, if the CD wave continues, the potential reversal zone (PRZ) will be between $702.99 (Fibonacci extension 1.272) and $848.54 (Fibonacci extension 1.618). These levels often correspond to the completion of the 'Butterfly' pattern cycle, which could potentially trigger consolidation or profit-taking after the rise.
What lies ahead for TAO? If Bittensor maintains this bullish momentum and increases trading volume, traders could see a potential movement of more than 66% towards the target level of $702.99, where point D is expected to form. This zone also marks likely resistance, which could serve as a critically important decision-making point for bulls.
However, holding above the 200-day moving average, which is currently around $361, will be crucial for maintaining this bullish trend. Failure to hold this level could weaken the setup and trigger a short-term correction.
Nonetheless, the structure is clear, and given that the overall market sentiment clearly favors bulls, TAO is likely preparing for the next major breakout.
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