Grayscale just made another bold move that could push one of crypto’s most promising AI tokens into the big leagues.
Meanwhile, technical indicators suggest a significant upside in the cards for the token, potentially reclaiming its April 2024 all-time high (ATH).
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This Altcoin Could Join Bitcoin and Ethereum in Grayscale’s Trusted Circle
Grayscale Investments recently filed a Form 10 registration statement with the US SEC (Securities and Exchange Commission) for its Bittensor Trust (TAO).
The filing aims to reduce the private placement holding period from 12 to six months. This change would allow for faster liquidity for early backers, potentially attracting fresh institutional inflows.
If approved, the trust would report under Section 12(g) of the Exchange Act. This status would require Grayscale to file 10-Ks, 10-Qs, and comprehensive audited financial statements with the SEC, enhancing transparency for TAO investors.
“We just filed a Form 10 for Grayscale Bittensor Trust ($TAO), the first step toward becoming an SEC Reporting Company, increasing its accessibility, transparency, and regulatory status,” Grayscale wrote in a post.
This filing marks a significant step for making TAO a publicly tradable, SEC-reporting investment product. The move effectively places TAO alongside Grayscale’s flagship products like Bitcoin, Ethereum, and Solana trusts.
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If the Form 10 becomes effective, Grayscale plans to publicly quote the trust’s shares on OTC Markets, similar to its existing offerings like GBTC (Bitcoin Trust) and ETHE (Ethereum Trust). More importantly, achieving this would bring Bittensor closer to becoming an exchange-traded product (ETP), significantly broadening TAO’s accessibility to both institutional and retail investors.
On-chain data further underscores Bittensor’s growing influence, with TAO commanding roughly 33% of the DePIN (Decentralized Physical Infrastructure Network) sector’s mindshare.
TAO Price Outlook: Is 2024 ATH In the Cards for Bittensor Price?
From a technical standpoint, TAO’s price chart is forming a falling wedge pattern, often seen as a precursor to bullish reversals. Specifically, the TAO/USDT trading pair has been consolidating within this falling wedge since October 2024, suggesting a breakout may be on the horizon.
The target objective of the falling wedge is determined by measuring the longest height of the wedge and projecting it at the prospective breakout point. Based on current metrics, TAO may be poised for a 236% breakout.
Such a movement could propel the TAO price to $1,353, surpassing the $1,248 ATH recorded on April 11, 2024. However, traders looking to capitalize on this potential should wait for a solid break above the immediate resistance at $402.3.
A decisive candlestick close above this threshold, confirmed by a successful retest or a break and hold above $499.6, would likely set the stage for further upside.
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The RSI (Relative Strength Index) indicator currently sits at 63, indicating that TAO has room for additional upside before entering overbought territory. Its upward trajectory strengthens the bullish perspective.
Moreover, bullish volume profiles represented by green horizontal bars imply that the TAO price is under the influence of bullish market forces, with substantial volume supporting price movement above the $402.3 mark.
Conversely, if the price is rejected from the upper boundary of the wedge, it could lead to downward movement. The bearish volume profiles (black horizontal bars) indicate that sellers may become active below the $219.6 level.
Should this level fail to hold, the ensuing selling pressure could amplify losses, possibly pushing the TAO price down to the lower boundary of the falling wedge at $130.3.
