Bitcoin is poised for another 15% rise. Will BTC price return to $70,000 this weekend?

The cryptocurrency market is approaching its weekend trading session, which is creating huge waves within the cryptocurrency wave. Just before entering weekend trading, BTC price showed tremendous volatility and hit new highs above $70,000. Meanwhile, the bulls have been unable to sustain the rally above the upside but have been defending lower support levels, suggesting that a new bullish bull could enter the market soon.

After the price rose above $65,000, market participants were uncertain about the upcoming price action. Mainly because the bulls are stuck at the 2021 highs and could be cashed in by the next bull. Conversely, the price marked a new ATH well before the Bitcoin halving, suggesting that the bulls are performing well and could regain dominance any time from now.

In the short term, BTC price appears to be stuck in the narrow range of an ascending triangle. Cryptocurrencies are trying hard to stay within the resistance zone. This suggests that the bulls are building up strength to trigger a healthy uptrend any time from now. Additionally, the Bollinger Bands and DMI are under pressure, supporting the bullish argument. Breakouts typically occur in the direction of increased volume, but with the market still under bullish influence, a rise above local highs appears imminent.

Therefore, the accumulation may continue over the next few hours, causing the Bollinger Bands to become overly compressed and trigger a breakout. Bitcoin could then enter a price discovery zone, looking for new highs around $70,500 to $71,200 any time over the weekend or the first few days of the week. However, the bulls should remain strong at this point, which could lay a good foundation for the halving, which could further trigger a massive rally towards $100,000.