Hitchcock signed on an initial one-month loan and made an immediate impression when he came off the bench in the 4-2 League One victory over his former club Crewe Alexandra.
He then scored on his full debut in the 3-0 victory over Shrewsbury Town.
His form has impressed boss Steve Evans, who has made the move to extend the 21-year-old's loan until the end of the current campaign.
"I am delighted to be staying until the end of the season," Hitchcock told the club's official website.
"I just want to play games and score goals and hopefully I can help the team to promotion.
"I've loved my time here so far, it has been a great experience for me. The lads have been great and I've settled in well, so I am just delighted to be staying."