Bitcoin's recent breakout towards $66,000 has reignited bullish sentiment, with traders anticipating higher prices. A crypto analyst highlighted a stochastic breakout that might push Bitcoin's price to $500,000.
The stochastic oscillator, a momentum indicator, has shown downward movement, forming a falling wedge pattern, leading to this breakout. This coincided with a local bottom at $60,000, signaling a potential parabolic rally.
The projection to $500,000 is supported by historical patterns, with a similar situation in 2016 leading to Bitcoin's peak in December 2017.
Analyst Trader Tardigrade predicts a peak rally in 2026 at $520,000. Currently, Bitcoin trades at $65,750, marking a 2.4% rise in 24 hours.
The analysis remains bullish, with Bitcoin breaking key resistance trends, indicating strong momentum as it nears a potential 690% increase from its current price.
