For Bitcoin to rally towards the $200,000 mark, it must close a weekly candle above $74,400, according to analyst Sykodelic.
This will start the most hated and confused rally.
— Sykodelic 🔪 (@Sykodelic_) March 24, 2026
Once Bitcoin closes the weekly back above $74,400, it is running up to $200k.
This is not the same as 2022, in any way.
If/when Bitcoin reclaims this key HTF structure level, it confirms it as a deviation and commences an… pic.twitter.com/BqTDVZ1Nm7
"If/when Bitcoin reclaims this key higher time frame level, it confirms it as a deviation and initiates an extended reversal based on an expanded wave flat pattern," he wrote.
The expert described the upcoming upward movement as "hated," since almost no one anticipates such a scenario. Market participants are convinced of the continuation of four-year cycles, a view Sykodelic disagrees with. He believes the macro cycle is currently in a "completely different phase."
This rally would liquidate a record number of short positions and leave many investors on the sidelines. This would only amplify the aggressive growth as skeptics begin to re-enter, realizing they were wrong, according to the analyst.
More Modest Predictions
MN Trading founder Michaël van de Poppe noted that since the February crash, Bitcoin has consistently formed higher lows. He called this "a great sign."
#Bitcoin constantly prints higher lows since the crash early in February.
— Michaël van de Poppe (@CryptoMichNL) March 24, 2026
It's a great sign and it shows that we're about to witness more strength.
It doesn't say that we're out of the woods entirely, as those higher lows trigger a lot of liquidity if the markets get there.… pic.twitter.com/czLa4ekBpG
"It seems we are set for further strengthening. But that doesn't mean all risks are behind us. If the market reaches these levels, the liquidity buildup around higher lows could trigger a significant move," he added.
If current positions hold, van de Poppe expects a rise to the $77,000-80,000 range.
Wintermute analysts believe that further movement depends on the macroeconomic environment. They suggest that positive news regarding tankers passing through the Strait of Hormuz or signs of Iran's willingness to cooperate could push Bitcoin towards the resistance zone of $74,000-76,000.
— Wintermute (@wintermute_t) March 24, 2026
"Bitcoin is now back above $70,000, and the maximum pain level for options is centered around $70,000—favorable headlines could enhance momentum leading up to expiration," they noted.
A breakdown in negotiations or continued shipping restrictions could reignite the oil risk premium. This would heighten inflation expectations, delay easing by the Federal Reserve, and push markets towards "risk aversion." In such a scenario, Bitcoin risks testing the $60,000 zone, the experts concluded.
As of this writing, digital gold is trading around $71,000, having increased by 0.9% in the last 24 hours.
For reference, SkyBridge managing partner Anthony Scaramucci described the drop in Bitcoin from its all-time high above $126,000 to $60,000 as a "normal" correction within the cycle.