The weekly $BTC chart reveals a recurring pre- and post-halving pattern, seen in both 2021 and 2024. In 2021, Bitcoin experienced a strong pre-halving rally, followed by an accumulation phase before a parabolic rise. A similar structure is unfolding in 2024. The current price of $62,941.37 sits at a critical juncture, just above a major accumulation zone. The post-halving upside, indicated by the green box, suggests Bitcoin could potentially target $80,000 or higher if it follows the historical trend. The retracement seen at the pre-halving stage (blue circle) could be the final dip before a large move upward.

On the daily timeframe, Bitcoin has been oscillating within a descending channel since March 2024. Each test of the channel's upper and lower boundaries is critical, with the most recent bounce taking Bitcoin back above $62,000. The key support levels at $52,902 and $50,643, marked in yellow, indicate where Bitcoin could find a base if it faces rejection. The upper boundary of the channel, which Bitcoin is approaching, could trigger a breakout if surpassed. Sustained momentum above $64,000 would confirm this bullish breakout, signaling a potential rally to new highs.

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