Bitcoin Stochastic Breakout Puts BTC Price Above $500,000, Here’s When

Bitcoin investors are still dwelling in excitement in light of a recent breakout towards $66,000. This rally has reignited bullish sentiment across the market, with many traders now anticipating higher highs for Bitcoin and other cryptocurrencies. According to a crypto analyst, this breakout has seen the stochastic indicator print a signal to a rally that could send Bitcoin to the $500,000 price target. Stochastic Breakout To Send BTC Price Above $500,000 Taking to social media platform X, a crypto analyst known as Tarder Tardigrade highlighted an interesting price breakout with the Stochastic Indicator. The stochastic oscillator is a momentum indicator used in technical analysis to measure the closing price of an asset relative to its price range over a specified period. Like the RSI, it can help to identify overbought or oversold conditions. Related Reading: Shiba Inu Price Flashes Historical Bull Flag, Here’s What Happened Last Time In Trader Tardigrade’s analysis, which was accompanied by a detailed BTCUSD monthly candlestick chart, he pointed out that the stochastic indicator has been steadily moving downward and remained confined within a falling wedge pattern for most of 2024. However, the recent rally in Bitcoin’s price, which was first observed in September and has now resumed in October, triggered a notable breakout from this falling wedge The analyst emphasized that this stochastic breakout coincided with the formation of a local bottom in Bitcoin’s price, around the critical $60,000 level. He further noted that this breakout is not just significant in isolation but represents the starting point for what he predicts to be a parabolic rally. According to Trader Tardigrade, this breakout sets the stage for Bitcoin to potentially surge toward the $500,000 price target. When To Expect A $500,000 Bitcoin? This interesting projection of the Bitcoin price is supported by a similar pattern following a previous breakout of the stochastic indicator, which also aligned with a local bottom in late 2016. After that breakout, Bitcoin saw an extraordinary price surge over the subsequent months, culminating in a peak of $19,600 in December 2017. Related Reading: Crypto Analyst Predicts ‘Giga Pump’ For XRP Price, Here’s The Target Going by this previous price performance, a similar breakout would see Bitcoin continue to surge throughout the rest of 2024 and the entirety of 2025. Notably, the analyst highlighted a peak of the parabolic rally at $520,000 sometime in 2026. $Bitcoin Stochastic BREAKOUT 🔥$BTC has the same pattern as the previous cycle. The breakout point indicates the local bottom at the root of MASSIVE Parabolic RALLY. Send $BTC to $500k 🚀 pic.twitter.com/LoJwlg2Fko — Trader Tardigrade (@TATrader_Alan) October 14, 2024 At the time of writing, Bitcoin is trading at $65,750 and has increased by 2.4% in the past 24 hours. A parabolic rally to $520,000 would translate to a 690% increase from the current price. In another analysis of the daily candlestick timeframe chart, Trader Tardigrade highlighted that there are no reasons to be bearish on Bitcoin at the moment. The price is demonstrating strong momentum, having flipped a key descending resistance trendline into support, and is now breaking out of another falling wedge above the descending trendline. Featured image created with Dall.E, chart from Tradingview.com

Name	Symbol	Market	Market Cap ($)	Algorithm
BitDAO	BITUSD	Crypto	1,424,831,129	Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.040	4.08%	1.02	0.980	1.02

High Price	Low Price	Open Price	Prev. Close	52 Week Range
1.02	0.980	0.980	0.980	0.554700 - 4.80

Exchange	Last Trade	Size	Trade Price	Currency
KRKN	02:24:15	3.81	1.02	USD

Price x Volume	Volume	Base Symbol	Related Pairs
180.44	183.98	BIT	BITEUR	BITGBP	BITBTC

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