Max Schwartzman, the CEO of Because Bitcoin, has supplied a bullish outlook for PEPE. He acknowledged that the meme coin is mirroring the Dogecoin price action within the 2021 bull run and defined precisely how that is occurring.
How PEPE Is Mirroring The Dogecoin Price
In an X put up, Max asserted that PEPE is the Dogecoin of this cycle due to the similarities between the previous and the Dogecoin worth motion within the 2021 bull run. He defined that proper as Bitcoin is breaking its earlier cycle’s all-time high (ATH), altcoins are witnessing a better timeframe (HTF) greater low coupled with a PEPE.
The crypto founder revealed that this was the identical factor that occurred with the Dogecoin price in 2021. His accompanying chart confirmed that PEPE is replicating Dogecoin’s 2021 worth motion because the meme coin has witnessed a breakout whereas others are retesting the upper lows. In line with this, Max predicts that PEPE goes a lot greater.
This isn’t the primary time the crypto founder has drawn similarities between PEPE and the Dogecoin worth. Last 12 months, he talked about that PEPE’s price action was just like Dogecoin in 2020. He additional predicted that the previous would get pleasure from a major worth breakout this 12 months if it continued to reflect DOGE’s worth motion.
When he made the prediction, PEPE’s market cap was $600 million. Since then, the highest meme coin has witnessed a parabolic rally and now boasts a market cap of over $8 billion. PEPE is without doubt one of the best-performing crypto property this 12 months, with a year-to-date (YTD) acquire of 1,400%. However, primarily based on Max’s current assertion, PEPE’s rally would possibly simply be beginning with the meme coin set to duplicate the Dogecoin worth motion in 2021.
PEPE Forming A ‘Big’ Bull Flag
In an X post, Crypto analyst and dealer Crypto Zeus highlighted a possible ‘big’ bull flag that was forming for PEPE. This bull flag signifies that the meme coin might proceed its upward development as soon as this consolidation section is over. The analyst additionally remarked that PEPE will seemingly rise greater because the Bitcoin worth hits new highs.
Similarly, crypto analyst Chandler talked about a bullish pennant that had fashioned on PEPE’s chart. This bullish sample additionally signifies that the highest meme coin will proceed its upward development quickly sufficient. The analyst’s accompanying chart confirmed that PEPE might rally to as excessive as $0.000038 on its subsequent leg up.
PEPE appears to be like to be cooling off for now, having only recently hit a brand new ATH on the again of Coinbase and Robinhood’s itemizing. At the time of writing, PEPE is buying and selling at round $0.00002017, down over 4% within the final 24 hours, based on data from CoinMarketCap.
Featured picture created with Dall.E, chart from Tradingview.com
