Expert Lists Key Conditions for Bitcoin to Rally to $100,000 - Coinpedia
Crypto analyst Michaël van de Poppe has outlined critical conditions for Bitcoin to rally to $100,000, including maintaining key moving averages and overcoming price hurdles.
Although Bitcoin has been trapped in a correction mode for six weeks, crypto analyst Michaël van de Poppe has revealed key conditions for a rally toward $100,000. Poppe believes BTC must hold above the 200-day Moving Average, which remains unbreached, and regain the 21-day MA as a support level.
Price Hurdles
Poppe noted that Bitcoin could turn bullish if it consistently closes above $75,000 and then $77,200. The analyst highlighted that Bitcoin's current price action mirrors its 2023 rebound, with a possible short squeeze potentially accelerating an upward trend.
U.S. Selling Pressure
Bitcoin has faced sustained selling pressure over the past six weeks due to renewed selling from U.S. investors. U.S. spot ETFs recorded approximately $1.778 billion in net cash outflow over three consecutive weeks, according to SoSoValue metrics.
The negative Coinbase Premium Gap indicates U.S. investors are unwilling to pay the global BTC price, reflecting low demand. Renewed U.S. demand could stir bullish sentiment for Bitcoin.
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