Bittensor’s Price Soars Like a Rocket, But Will the Pole Snap Before It Takes Off?

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Well, well, well! It seems Bittensor (TAO) is putting on quite the show, soaring a remarkable 14% in the past 24 hours. The little crypto that could, it’s now up about 40% over the past week. And what’s that I see? A pattern forming on the chart that just might send TAO back to its all-time high from last year. It’s almost as if we were in for a glorious moonshot!

But wait, before you start popping champagne, there’s a sneaky little risk lurking in the background. This could either propel the flag into the stratosphere, or-heaven forbid-snap the pole before take-off. It’s a classic case of the glass being half full… or half broken. 🙄

Whales Throwing the Party as One Metric Hits a Record High

Now, if you thought Bittensor was doing this all on its own, think again! The whales are back in action, and they’re clearly steering this ship. According to some oh-so-reliable on-chain data, the Chaikin Money Flow (CMF)-which tracks the big-money movers-has reached a high of 0.40, the highest since TAO made its debut on Binance. The whales are basically saying, “We’ve got this!”

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Despite a little hiccup on October 7, the CMF has been climbing steadily since early September. It’s almost like watching a show where the lead actor (read: whales) refuses to take a break. Even when the market took a dip on October 10, the whales weren’t running for the exits-they were busy buying, proving that these guys aren’t in it for the quick flip. Oh no, they’re in it for the long haul.

Leverage: The Ticking Time Bomb That Could Spoil the Fun

But here’s the kicker-while spot data from the whales is as solid as a rock, there’s a little gremlin in the derivatives market that might ruin the party. Enter the perpetual futures, which have surged from $813 million on October 13 to a staggering $1.49 billion just a day later. That’s an 83% jump! And get this, most of the volume is *betting long*. Talk about putting all your eggs in one basket. 🥴

On Bitget alone, there’s a whopping $22.33 million in long positions, compared to just $9.06 million in shorts. Do the math, my friend, and you’ll see that there’s more than a 100% long bias. The traders are practically lining up to ride this wave up. But what happens if it all goes wrong? One slight correction, and those leveraged longs could get liquidated faster than you can say “margin call!”

In a nutshell, we have a delightful tug-of-war here: the whales are calmly stacking their spot positions while the leverage crowd is getting a bit too excited. And as we know, too much excitement is never a good thing when you’re dealing with a rocket ship. 🚀💥

The Flag is Up-But Will It Break Out or Break Down?

Let’s take a moment to admire the artistry on the 4-hour chart: the Bittensor price is forming a bullish flag. It’s all very picturesque, with a strong rally followed by a short consolidation. The pole (uptrend) is proudly holding up the flag (consolidation), and if the pattern holds, we could be looking at a potential breakout that might send TAO to a juicy $797. A little higher than that, and we’ll be reminiscing about the previous all-time high.

Meanwhile, the daily chart is trying to keep it cool with the broader price rise. The 4-hour chart, though, is the one getting all the action. It’s the finer details that matter here, showing a tight consolidation before one of two possible outcomes. One: we break out and go to the moon. 🚀 Two: we stay stuck in the sand, watching others take off.

Currently, the TAO price is hovering around $463, eyeing the critical $469 level. If it clears that, expect fireworks, with the potential for a 73% upside (as previously mentioned), targeting $519, $665, and who knows-maybe even beyond that. 🌟

But if the rally decides to fail, we’ll have support at $423 and $381. A drop below $381 would invalidate the bullish flag. The pole might have snapped before even getting off the ground. 😬

So, here we are-on the edge of our seats. The whales are stacking up, the leverage crowd is on high alert, and all eyes are on $469. Who will emerge victorious? Stay tuned. The plot thickens! 🎬

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2025-10-15 23:17