Grayscale's move could send this altcoin to a new ATH

Grayscale just made another bold move that could push one of crypto's most promising AI Token to new heights.

Meanwhile, technical indicators suggest a significant upside potential for the Token , which could reclaim its All-Time-High (ATH) by April 2024.

This Altcoin Could Join Bitcoin and Ethereum in Grayscale's Circle of Trust

Grayscale Investments recently filed a Form 10 registration statement with the U.S. Securities and Exchange Commission (SEC) for its Bittensor Trust (TAO).

The filing aims to reduce the hold period for private placements from 12 months to six months, which would allow for quicker liquidation for initial investors and could attract new Capital from institutions.

If approved, the trust would begin reporting under Section 12(g) of the Exchange Act. This would require Grayscale to file 10-K, 10-Q reports and audited financial statements with the SEC, bringing a new level of transparency to TAO investors.

“We have just filed a Form 10 for Grayscale Bittensor Trust (TAO), the first step towards becoming an SEC Reporting Company, enhancing its accessibility, transparency and regulatory status,” Grayscale wrote in a post.

This is the first step toward making TAO a publicly traded investment product that can be reported to the SEC. The move puts TAO in the same category as Grayscale’s flagship Bitcoin, Ethereum, and Solana trusts.

If the Form 10 becomes effective, Grayscale plans to publicly list the trust's shares on OTC Markets , similar to their existing products like GBTC (Bitcoin Trust) and ETHE (Ethereum Trust).

More importantly, this move brings Bittensor 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 underscores Bittensor's growing influence, with TAO accounting for around 33% of the total DePIN (Decentralized Physical Infrastructure Network) market share.

TAO Price Forecast: Is 2024 ATH Possible for Bittensor Price?

From a technical perspective, TAO's price chart is forming a Falling Wedge pattern , which is often a sign of a bullish reversal. Specifically, the TAO/ USDT trading pair has been consolidating in a Falling Wedge since October 2024, and with the technical formation maturing, a breakout could be imminent for TAO price.

The target of the Falling Wedge pattern is determined by measuring the longest height of the chart and applying it at the expected breakout point. Based on this, the TAO price could be preparing for a 236% breakout.

Such a move could take TAO price to $1,353, surpassing the ATH of $1,248 recorded on April 11, 2024. However, traders looking to open long positions on TAO should probably wait for a breakout above the immediate resistance at $402.3.

A decisive candle close above this level, confirmed by a successful retest or a breakout and hold above $499.6, would trigger the next uptrend.

The RSI (Relative Strength Index) indicator at 63 shows that TAO price still has room to rise before Bittensor Token is considered overbought. Its upward trajectory indicates a growing momentum, further strengthening the bullish thesis.

Meanwhile, bullish volume profiles (blue horizontal bars) show that TAO price is in the hands of buyers, with a large volume of buyers waiting to interact with the price above $402.3.

Conversely, a rejection from the upper boundary of the wedge could push TAO price lower, with bearish volume profiles (black horizontal bars) suggesting sellers are waiting to engage with prices below $219.6.

If this level fails to hold, further selling pressure could exacerbate losses, possibly pushing TAO price to the lower boundary of the Falling Wedge at $130.3.