Bittensor (TAO) has been gaining attention from traders and analysts as it shows signs of a potential price surge. The cryptocurrency recently bounced off a key support level, with some suggesting it might reach $1,000. A recent analysis shared by crypto analyst ZERO IKA offers detailed insights into the price movement and possible future scenarios for TAO.

Analyst ZERO IKA noted that TAO’s price bounced from a critical 10-hour block near $434. This level served as a robust demand zone, supported by the 1.272 Fibonacci retracement and broader market indicators such as TOTAL 2 and the “OTHERS” market cap. The price action in this zone provided an opportunity for accumulation, which the analyst took advantage of, leveraging previous profits to build a stronger position.

The range between $434 and $460 is identified as a discount level for traders looking to enter. Fresh levels at $496 and $460 are also highlighted as important zones to monitor for potential retests if the price dips.

The analysis pinpoints $522 as a critical daily close level that could confirm bullish momentum. If TAO’s price closes above this level, it may provide an opportunity for traders to take new long positions during pullbacks.

Partial profit levels are set at $572, where a daily supply zone aligns with the 50% Fibonacci retracement, making it a potential resistance area. Additionally, $596 is identified as a zone of interest for shorting due to the presence of a high-order block.

Between $596 and $700, the analysis suggests a lack of significant resistance, except for minor lower time frame order blocks. However, trading within this range could signal overextension, as these levels are considered premium zones.

Long-term targets for TAO are set at $879 and $1,000, aligning with the 1.454 and 1.618 Fibonacci retracements. The analyst views these levels as bonuses rather than expectations, emphasizing caution against speculative hype about higher price targets.

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ZERO IKA warns traders to avoid over-optimism as speculative calls for $2,000 or $3,000 per TAO could lead to becoming exit liquidity for larger market participants. The structured approach shared by the analyst combines technical indicators with broader market conditions, providing traders with a roadmap for navigating TAO’s price movements.

This balanced analysis highlights potential opportunities while urging caution, making it a useful guide for traders monitoring Bittensor’s price action.

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The post Here’s Why Bittensor (TAO) Price Might Hit $1,000 Soon – Analyst Insights appeared first on CaptainAltcoin.

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