Bitcoin Halving Level Test: BTC at Risk of Drop to Low $50Ks

Bitcoin is approaching a critical price point near its 2024 halving level, which could determine whether it continues to correct or stabilizes. According to Yoddha, a trader who has been analyzing Bitcoin's chart, this area around $65,567 is crucial for the cryptocurrency's future direction.

The two-week BTC chart shows Bitcoin trading near $64,865, almost matching the 2024 halving level of $65,567. If support holds at this price, it could lead to a potential recovery. However, if the current support fails, another major decline could occur, offering a stronger entry opportunity for investors.

Yoddha compares the current structure with previous Bitcoin cycles and highlights accumulation periods after market declines, followed by breakouts and strong advances around later halving cycles. The trader's preferred long-term accumulation area sits near $38,500, suggesting that another major decline could be a stronger entry point for investors.

Crypto trader Kaz also expects Bitcoin to target $62,300 before potentially falling toward the low $50,000s. A break below $60,000 would strengthen the bearish setup and could expose the upper $50,000s before a deeper decline occurs.