Bitcoin Stochastic Breakout Puts BTC Price Above $500,000, Here’s When
15 Oktober 2024 - 5:30PM
NEWSBTC
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
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