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>>Bittensor (TAO) price forecast amid governance crisis triggered by subnet departure

Bittensor (TAO) price forecast amid governance crisis triggered by subnet departure

crypthub

1 day ago

Market Shock

TAO dropped 20.2% to ~ $273 after Covenant AI, a major subnet operator, exited the network. The departure brought accusations of centralized control in Bittensor’s supposedly decentralized AI system. These claims spread rapidly, turning sentiment sharply negative and prompting immediate sell‑offs.

Liquidity Drain and Technical Collapse

Covenant AI sold a large portion of its holdings, adding direct pressure while price falls triggered massive long liquidations. The feedback loop erased millions of dollars of bullish exposure. Technically, TAO broke below $300 after failing at $340, sinking toward the mid‑$260s with a surge in volume.

Short‑Term Outlook

The $263‑$250 zone now serves as critical support; holding it could enable a bounce toward $280 resistance. A breach would open the path to $233 as the next downside target. Recovery will depend on whether buyers can stabilize the price in this narrow range.