+8.25% for Bittensor as Covenant-72B AI model launch expands use

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Bittensor jumps 8.25% today to $338.60

Highlights

Bittensor attracts major institutional interest with over 68% of tokens staked and Grayscale seeking a spot ETF conversion.
Key revenue growth drivers include the December 2025 halving, expanded subnet use cases, and the launch of its advanced Covenant-72B model.
TAO maintains a bullish trend near $338.60 with strong momentum; five-day range projected at $336.00–$405.00 amid likely consolidation.

Supply tightness and institutional demand boost amid staking surge

Bittensor has drawn considerable institutional attention, with over 68% of its token supply staked as of early April 2026, significantly tightening market liquidity. Grayscale recently filed an S-1 amendment with the SEC to convert its Bittensor Trust into a spot ETF, aiming to widen institutional access. In March 2026, the platform launched its 72B-parameter Covenant-72B model, achieving a 67.1 MMLU benchmark and expanding market capitalization above $3 billion. Additional developments include revenue growth from its subnet framework, the introduction of more use cases, and the completion of its inaugural halving in December 2025, cutting daily emissions in half.

Mixed short-term signals as broader momentum remains strong

Momentum remains robust for TAO, with the MACD on D1 issuing a "Strong Buy" and the ADX at 36.65 confirming trending conditions. RSI is at 61.66, indicating bullish but not overbought territory; the Stoch RSI is oversold and CCI is neutral, highlighting some mixed short-term signals. BBP and intraday readings show solid buyer control of momentum while the AO stays neutral. Immediate support is at the Ichimoku Kijun level ($288.05), and the price sits close to today's highs after a volatile upward session.

Consolidation favored as volatility bands and breakout levels emerge

For the coming week, TAO's projected five-day volatility band is $336.00 to $405.00, keeping the current price near the center of typical ranges. Weekly technical signals suggest a moderate 25% probability of further gains, with a baseline scenario favoring consolidation close to current levels. A breakout above $340.80 could trigger swift upside moves toward $400+, while a bearish reversal below $288.05 may lead to a retracement toward the $308 to $288 support band.

Viktoras Karapetjanc, senior expert at Traders Union, sees clear fundamental strength supporting TAO’s current rally. Institutional engagement, a tightening supply, and technological milestones have boosted long-term sentiment. Technicals corroborate this positive outlook, despite some short-term mixed signals. He believes consolidation is likely unless a breakout triggers rapid gains. “TAO’s structure and momentum make it a top pick as long as price holds above $288.05—further upside remains in play.”

Earlier, analysts noted that Bittensor was maintaining a bullish structure amid strong institutional interest and pivotal ecosystem developments, though overbought signals raised caution for near-term volatility. The current outlook strengthens this assessment, as robust investor demand and growing AI network revenues support continued upward momentum, making the $340.80 breakout level a key inflection point for potential further gains.

Source of Data: TAO Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.