Pi Network Price Poised for 46x Gain Amid Bullish Trends

Pi Network's price has remained relatively stable this week, despite the surge in Bitcoin and other altcoins. As of Friday, July 11, Pi Coin (PI) was trading at $0.4900, slightly above the week's low of $0.4530. Several factors suggest that the coin is on the brink of a bullish breakout.

Firstly, the monthly token unlock schedule is set to slow down over the next few months, which will reduce the number of coins entering the market. This month, Pi will unlock over 175 million coins, followed by 137 million in August, 116 million in September, and 93 million in October. The unlock pace is expected to rebound in November and December before decreasing for the next eight consecutive months.

Secondly, Pi Coin's price is likely to benefit from the ongoing crypto bull run. Bitcoin has already reached a record high, and this rally could continue as it targets the cup-and-handle pattern of nearly $150,000. A surge in Bitcoin's price is likely to drive gains among most altcoins, including Pi Coin.

Thirdly, Pi Network's developers recently unveiled the Pi AI Studio, a platform designed to help developers build artificial intelligence-powered applications. Data indicates that developers have already pitched thousands of applications, although not all will succeed. A few successful applications could significantly boost the Pi Network ecosystem.

Apps developed on the network will be supported by existing Pi Network products such as Pi Ad Network, .pi Domains, and Pi Wallet. Those with substantial potential may also receive funding from the $100 million Pi Network Ventures. Additionally, there is a slim chance that Pi Network could be listed by major exchanges, which would likely trigger a major short squeeze.

The daily chart shows that Pi Coin's price has formed contrarian patterns that could stimulate a rebound. It has formed a double-bottom pattern at $0.40 and a neckline at $1.6625. Pi Network has also formed a falling wedge chart pattern, a popular bullish reversal signal. Its Bollinger Bands and Average True Range indicate low volatility, which often leads to a short squeeze. If this happens, the next point to watch will be at $1, followed by the neckline at $1.6625.

Pi Network's price is poised for a significant bullish breakout, driven by the formation of a double-bottom pattern and the broader crypto bull run. This pattern suggests that the price has found support at a certain level twice, indicating a potential reversal of the downward trend. The ongoing crypto bull run, characterized by increasing institutional and corporate demand, further supports this optimistic outlook. The recent surge in Bitcoin's price, reaching new all-time highs, has also contributed to a risk-on sentiment across the crypto market, which could benefit Pi Network.

The bearish sentiment surrounding Pi Network could paradoxically fuel a short squeeze. A short squeeze occurs when a large number of short sellers are forced to close their positions, driving the price up as they buy back the asset to cover their shorts. This dynamic could be particularly relevant for Pi Network, as over-leveraged short sellers may be compelled to exit their positions, leading to a rapid price increase.

The potential for a short squeeze is further supported by the recent stabilization of Pi's price and the increase in exchange transfers. Positive project news has also contributed to a more optimistic outlook among Pioneers, the community of Pi Network users. The AI market's projected growth to $16 trillion by 2030 could also send Pi token prices soaring if the project captures even a small share of this market. According to the analyst Mr. Spock, Pi Network's price could potentially increase by 46 times its current value, highlighting the significant upside potential.

The broader crypto market's bullish momentum, driven by factors such as institutional demand and favorable regulatory developments, could also benefit Pi Network. The recent surge in Bitcoin's price, reaching new all-time highs, has contributed to a risk-on sentiment across the crypto market. This optimistic outlook could extend to Pi Network, as investors seek to capitalize on the potential for significant price appreciation.

In conclusion, Pi Network's price is primed for a short squeeze, driven by the formation of a double-bottom pattern, the broader crypto bull run, and the potential for a short squeeze. The bearish sentiment surrounding the project could paradoxically fuel a rapid price increase, as over-leveraged short sellers are forced to exit their positions. The recent stabilization of Pi's price, the increase in exchange transfers, and the projected growth of the AI market further support this optimistic outlook.