Max Schwartzman, the CEO of Because Bitcoin, has a positive outlook for PEPE, comparing it to the price action of Dogecoin in the 2021 bull run. He believes that PEPE is following a similar trajectory and explained the reasons behind this comparison.
According to Max, as Bitcoin reaches its all-time high, altcoins are experiencing a higher time frame higher low along with a breakout in PEPE’s price. This pattern mirrors what happened with Dogecoin in 2021, as illustrated in a chart provided by Max. He predicts that PEPE is poised for significant growth following this breakout, drawing parallels to Dogecoin’s performance in previous years.
This isn’t the first time Max has highlighted similarities between PEPE and Dogecoin. In 2020, he made a similar comparison and correctly predicted a significant price breakout for PEPE. Since then, PEPE’s market cap has surged from $600 million to over $8 billion, with a remarkable year-to-date gain of 1,400%. Max’s current assessment suggests that PEPE’s rally may just be beginning, with potential for further gains in line with Dogecoin’s performance.
Another analyst, Crypto Zeus, pointed out a potential ‘big’ bull flag formation for PEPE, indicating a continuation of its upward trend after a consolidation phase. This sentiment was echoed by analyst Chandler, who identified a bullish pennant on PEPE’s chart, signaling further gains for the meme coin. Both analysts anticipate a rise in PEPE’s price, especially as Bitcoin reaches new highs.
Despite recently hitting a new all-time high following listings on Coinbase and Robinhood, PEPE appears to be consolidating at around $0.00002017 at the time of writing, with a slight decline in the past 24 hours according to CoinMarketCap data. The cooling off period may be temporary as PEPE prepares for its next leg up, potentially reaching new heights in line with the bullish patterns identified by analysts.
Overall, the comparison between PEPE and Dogecoin’s price action, along with the bullish indicators highlighted by analysts, suggest a promising future for PEPE as it continues to follow in the footsteps of the popular meme coin. With a strong market cap and impressive performance this year, PEPE is positioned for further growth and potential price rallies in the near future.
