The bitcoin Price is poised to reach new yearly highs, which could pave the way for a new ATH in the coming days. The long-term projections of the BTC price are extremely bullish, due to which the traders have kept their long positions open. The volume that had dried up has yet again risen to a certain level, suggesting the volatility may also spike soon. This indicator suggests the BTC price could eventually reach beyond $40,000, probably by the end of October or at the beginning of November.
The BTC price has been trying hard to recover ever since the start of the year after breaking above the huge falling wedge. Despite a rebound, the token failed to rise beyond the resistance close to $32,000 as it faced a couple of rejections at these levels. However, the recent upswing broke these levels, indicating the resurgence of a strong bullish trend.
The BTC price took more than a year to reach its all-time low below $16,000, with a 77% crash from its ATH close to $69,000. Since then, the token has increased more than 120% to mark yearly highs above $35,000. Now that the BTC price has gone halfway, the major question is whether it can hit $70,000 in the next 6 months.
The falling wedge is considered a major indicator, as the highs of the wedge are the target levels for the token after the breakout. Moreover, the token is speculated to take the same amount of time to rise as it took to drop to the lows. Therefore, the Bitcoin (BTC) price could rise and probably mark a new ATH above $70,000 around the halving event.