Nasdaq firm buys more TAO as Bittensor price eyes a 80% surge

Bittensor price could be on the verge of a strong breakout as a small Nasdaq-listed company continues its accumulation, in a move that mirrors Strategy’s approach.

Bittensor (TAO) advanced to a high of $440 this week, up more than 55% from its June low. This rally coincided with the broader crypto market rebound and as TAO Synergies extended its buying spree.

In a statement, TAO Synergies said it acquired 29,899 tokens worth $10 million. These purchases were made at an average price of $334, meaning the firm is already in profit. Joshua Silverman, its CEO, noted that the company will continue accumulating TAO tokens, stating:

“Our conviction in TAO is driven by the expected continued growth and expansion of decentralized AI, which is gaining significant traction as a portion of total AI spend. We believe that decentralized AI has the potential to eventually surpass centralized AI.”

TAO Synergies joins other Wall Street firms emulating Strategy’s approach by investing in altcoins. SharpLink Gaming has purchased thousands of Ethereum (ETH) tokens, while companies such as Bit Mining, Upexi, and DeFi Development Corp are accumulating Solana.

SRM Entertainment, a toy seller, has also changed its name to Tron Inc. and started accumulating Tron (TRX) tokens.

TAO Synergies’ investment in Bittensor represents a bet on artificial intelligence, the fastest-growing technology today. The platform offers a decentralized model for artificial intelligence and machine learning, enabling users to collaborate, share, and monetize their AI resources.

TAO price technical analysis

Bittensor price chart | Source: crypto.newsThe daily timeframe chart shows that Bittensor price has rebounded from its June lows. It is nearing the formation of a golden cross, which occurs when the 50-day and 200-day moving averages cross.

TAO has also formed an inverse head-and-shoulders pattern, with a neckline at $488, the May high.

Therefore, the most likely scenario is a rebound toward the neckline at $488. A move above that level would point to further gains, potentially reaching last year’s high of $747, an increase of about 80% from current levels. A drop below the support at $370 would invalidate the bullish outlook.