Bitcoin ($BTC) has been stuck in correction mode for the past six weeks, but crypto analyst Michaël van de Poppe has identified key conditions that would need to be met for a rally toward $100,000.

Poppe says Bitcoin could surge to $100,000 if it stays above the 200-day Moving Average (MA), which it has yet to breach. Most importantly, the analyst argued that $BTC must reclaim the 21-day MA as support.

Poppe noted that Bitcoin could turn bullish in the near term if it closes consistently above its first hurdle, around $75,000, and then the next one at $77,200.

Earlier on Wednesday, the analyst said Bitcoin’s price action had been mirroring its 2023 rebound. Despite the choppy outlook, Poppe pointed to the possibility of a short squeeze: a sharp rally that occurs when rising prices force short sellers to cover their positions, adding forced buying volume that further accelerates the upward trend.

Why Bitcoin Price Has Faced Sustained Selling Pressure

Bitcoin has faced increased bearish sentiment over the past six weeks amid renewed selling pressure from investors in the United States. In addition, U.S. spot exchange-traded funds (ETFs) recorded approximately $1.778 billion in net cash outflows over the past three consecutive weeks, according to data from SoSoValue.

As a result, demand for Bitcoin among U.S. investors has remained low. The Bitcoin Coinbase Premium Gap—the difference between the $BTC price on Coinbase and Binance—also remained largely negative, according to data from CryptoQuant.

A negative Coinbase Premium Gap indicates that U.S. investors are unwilling to pay the global $BTC price, reflecting their low demand.

Consequently, renewed demand for $BTC in the United States could boost bullish sentiment.