Coin Edition -
- Jessica Doosan thinks the current Bitcoin rally represents a micro bull run.
- Micro bull runs are preparatory stages ahead of a classic bullish trend.
- Doosan suggests traders adopt a holistic approach, combining news and charts analysis during forecasts.
Jessica Doosan, an acclaimed crypto analyst, and investor thinks the current price rally represents a micro bull run, one of the preparatory steps ahead of a classic bull market. Doosan identified the fundamental factors behind the rally, backing them with a chart analysis that could guide traders in understanding price development.
Doosan notes the cryptocurrency market follows a pattern. According to her, in a bull run, a selection of four or five top cryptocurrencies pump 30% to 40%, followed by profit booking. While the pumped batch consolidates, another set takes over as the pattern repeats in cycles.
Behind such price movements are fundamental factors from mainstream economic policies, some of which Doosan outlined. According to her, feeders from the world’s major markets are affecting the current development of the crypto market. She also notes that the world’s major economies are taking measures to control inflation. These measures have translated positively into the crypto market.
Doosan identifies the efforts from the United States, the European Union, and China’s quantitative easing as factors that inject a positive momentum into the markets. She mentioned China’s systematic relaxation of its stronghold on the crypto industry as another crucial factor behind the improvements observed.
According to her, China now permits some trading activities against the total ban on cryptocurrencies previously imposed. The new system comes with a 20% tax attached. She also said that Hong Kong plans to announce that crypto trading will begin on June 1, 2023.
Doosan considers these developments positive for the crypto market, expecting the momentum generated to support an established bull run.
From a technical angle, she notes that Bitcoin currently trades in an upward channel that gravitates around $25,000. She believes a convincing close above $25,000 could see Bitcoin rally toward $28,000 or $29,000. She notes that if this region resists the price, Bitcoin could drop to $22,500, below which the bears will become active.
Although the market projects a bullish momentum, Doosan suggests traders adopt a holistic approach during analysis. In her opinion, combining the news and technical analysis would help filter out fake breakouts and guide traders when they engage in the markets.
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