The recent Bittensor (TAO) price retracement has attracted attention among crypto users. Market analyst Michael van de Poppe is bullish on the AI crypto asset, seeing it as a buying opportunity.
Buy the Dip Opportunity for TAO?
Bittensor has been witnessing heightened volatility for more than the past two weeks, with drastic price fluctuations presenting a buying opportunity, according to the analyst. Despite the market’s uncertainty, TAO’s current price movement provides savvy investors with an opportunity to capitalize on the dip, eliciting conversations about its next possible move.
The market has witnessed substantial price declines in recent weeks, resulting in what the analyst believes to be a temporary bottom for Bittensor. Increased volatility has enabled sellers to dominate the market, culminating in a situation called “capitulation”, as short-term holders sell their positions to minimize losses.
As pointed out by Michael, this downtrend presents an ideal time for serious investors to re-accumulate Bittensor during the downturn, to position themselves for future price momentum.
Bittensor falls below $400, what this means
TAO, which is currently trading at $399, has been down 8.3% and 5.0% over the past seven days and two weeks, respectively. The AI-driven token is therefore underperforming the broader crypto market, which is down 4.50% currently.
TAO’s price fall aligns with wider declines in the AI crypto market. Bittensor, which is the market leader, dropped by 8.3% over the past week. NEAR Protocol (NEAR), which is in the second position, fell by 15.2%. Internet Computer (ICP) (the third on the list) and Render (RENDER) (the fourth on the list) recorded 9.9% and 20.8% weekly price declines, respectively, highlighting a temporary decline in market activity.
Bittensor’s trading chart shows that the AI crypto asset is in the formation of a rounding bottom pattern, a U-shaped chart pattern suggesting a bullish reversal following a downward trend. This indicates that the token is making preparations to experience an upswing movement, with possible price rises to $425 and $433 resistance levels soon.
As indicated by Michael, the token is creating a strong groundwork around the $400 area, which lays the foundation for a powerful surge, potentially to the $700-$800 region soon.
