Grayscale has made another bold move that could push one of cryptocurrency’s most promising AI tokens into the big leagues.
Meanwhile, technical indicators point to a significant upside in the cards for the token, which could lead to a return to its April 2024 all-time high (ATH).
sponsored
This altcoin could join Bitcoin and Ethereum in Grayscale’s trusted circle
Grayscale Investments recently filed a Form 10 registration statement for Bittensor Trust (TAO) with the U.S. SEC (Securities and Exchange Commission).
The application aims to shorten the holding period for private placements from 12 months to six months. This could enable faster liquidity for early backers and attract an influx of new institutional investors.
If approved, the Trust would begin reporting under Section 12(g) of the Exchange Act. This will require Grayscale to file 10-Ks, 10-Qs, and audited financial statements with the SEC, creating a new level of transparency for TAO investors.
“We just filed Form 10 for Grayscale Bittensor Trust ($TAO), the first step toward becoming an SEC reporting company and increasing our accessibility, transparency, and regulatory standing,” Grayscale wrote in a post.
This is the first step toward making TAO a publicly tradable, SEC-reportable investment product. This move effectively puts TAO in the same category as Grayscale’s flagship Bitcoin, Ethereum, and Solana trusts.
sponsored
Once Form 10 goes into effect, Grayscale will publicly quote its trust shares on the OTC market, similar to existing products such as GBTC (Bitcoin Trust) and ETHE (Ethereum Trust).
More importantly, this move brings Bittensor one step closer to becoming an exchange traded product (ETP). Such a milestone would significantly expand TAO’s accessibility to both institutional and retail investors.
On-chain data further highlights Bittensor’s growing influence, with TAO accounting for approximately 33% of total mindshare in the DePIN (Decentralized Physical Infrastructure Network) sector.
TAO Price Outlook: Is 2024 ATH in the cards for Bittensor pricing?
From a technical perspective, TAO’s price chart is forming a descending wedge pattern, which often portends a bullish reversal. Specifically, the TAO/USDT trading pair has been consolidating within a descending wedge since October 2024 and a breakout in TAO price could be imminent as the technical formation is filling out.
The falling wedge target objective is determined by measuring the longest height on the chart and superimposing it on the expected breakout point. Based on this, TAO price could be curling towards a 236% breakout.
Such a move could push TAO price to $1,353, effectively clearing the ATH of $1,248 recorded on April 11, 2024. However, traders looking to take long positions on TAO will need to wait until the price breaks above the immediate resistance level at $402.3.
A definitive candlestick close above this level would be confirmed by a successful retest or a break-and-hold above $499.6, setting a trend towards further upside.
sponsored
The RSI (Relative Strength Index) indicator’s position of 63 suggests that there is still room for TAO price to rise further before the Bittensor token is considered overbought. Its trajectory is upward, indicating a moment of growth and adding credence to the bullish thesis.
On the other hand, the bullish volume profile (green horizontal bars) indicates that TAO price is in the hands of the bulls and a significant amount of bulls are waiting for a interaction with the price above $402.3.
Conversely, a rejection from the top of the wedge could push TAO price lower, and the bearish volume profile (black horizontal bar) indicates that sellers are waiting for interaction with price below $219.6.
If this level is not sustained, subsequent selling pressure could magnify losses and push TAO price to the lower end of the falling wedge at $130.3.
