Bitcoin is currently trading in a critical area near its 2024 halving level, with markets focusing particularly on whether support between $64,000 and $65,500 can be sustained. Analysts note that holding this zone could pave the way for a recovery, whereas a drop below it may deepen selling pressure and cause further declines.
Halving level in focus once again
Cryptocurrency analyst Yoddha points out that on the biweekly chart, Bitcoin hovers around $64,865—almost exactly at the halving level of $65,567 determined for 2024. In the Bitcoin network, halving refers to the periodic reduction of mining rewards, and is widely watched by markets for its impact on long-term cycles.
Mini glossary: Halving is an event occurring roughly every four years on the Bitcoin network that reduces the rate of new BTC creation. It’s seen as a major factor in supply dynamics and long-term price cycles.
According to Yoddha, current price structures resemble previous Bitcoin cycles. The chart highlights accumulation phases that followed the 2018 and 2022 pullbacks, before subsequent breakouts. However, Yoddha identifies a much lower zone—well below current prices—as the strongest opportunity for long-term accumulation.
Yoddha emphasizes that while declines before the 2028 halving could be seen as buying opportunities, the main long-term accumulation area centers around $38,500.
While Yoddha’s chart references $123,552 as a potential level for the 2028 halving cycle, this figure should not be taken as a strict price target. Instead, it reflects the view that Bitcoin’s four-year cycle remains influential. In the nearer term, whether the $64,000 to $65,500 band holds or fails is seen as a key threshold for any potential recovery.
Short-term levels: Watching $62,300 and below
Another analyst, Kaz, believes that after retesting a resistance area, Bitcoin could begin a new downward phase. According to Kaz, the $65,500 to $66,200 range marks a possible rejection zone on the chart, with the June 22 pivot indicating that the latest rally may have reached its local peak.
Kaz’s scenario sets $62,300 as the first short-term downside target, which coincides with last week’s low. Below this, the region between $60,700 and $62,000 is identified as a broader support and liquidity zone where further price action could unfold.
Kaz anticipates that even if the market remains range-bound, Bitcoin could still test the $61,200 to $61,800 bounce area, with liquidity beneath recent lows dragging prices downward.
Falling below $60,000, in Kaz’s view, would significantly strengthen the bearish outlook. In this case, the area above $50,000 and then the lower $50,000s could become major targets. Conversely, a decisive move above resistance would invalidate this scenario and open the door for a stronger bullish trend.
For now, market attention remains centered on Bitcoin’s response around the $65,000 mark, with analysts stressing that the direction chosen at this threshold is likely to dictate price action in the short and medium term.
