Max Schwartzman, the CEO of Because Bitcoin, has given a bullish outlook for PEPE. He stated that the meme coin is the Dogecoin price action in the 2021 bull run and explained exactly how this happens.
How PEPE Reflects the Dogecoin Price
In an all-time high (ATH)altcoins witness higher timeframe (HTF) and higher lows in conjunction with a PEPE.
The crypto founder revealed that this was the same as what happened with the Dogecoin price in 2021. Its accompanying chart showed PEPE replicating Dogecoin’s 2021 price action as the meme coin has witnessed a breakout while others retest the higher lows. In line with this, Max predicts PEPE to go so much higher.
This is not the first time the crypto founder has drawn similarities between PEPE and the Dogecoin price. He said that last year PEPE’s price action was similar to Dogecoin in 2020. He further predicted that the former would see a significant price breakout this year if it continues to mirror DOGE’s price action.
When he made the prediction, PEPE’s market cap was $600 million. Since then, the top meme coin has witnessed a parabolic rally and now has a market capitalization of over $8 billion. PEPE is one of the best performing crypto assets this year, with a year-to-date (YTD) gain of 1,400%. However, based on Max’s recent statement, PEPE’s rally could be just getting started with the meme coin replicating the Dogecoin price action in 2021.
PEPE forms a ‘big’ bull flag
In one X messageCrypto Analyst and Trader Crypto Zeus Highlighted a Potential ‘Big’ bull flag that formed PEPE. This bull flag indicates that the meme coin could continue its upward trend once this consolidation phase is over. The analyst also noted that PEPE is likely to move higher as the Bitcoin price reaches new highs.
Similarly, crypto analyst Chandler called one bullish pennant that had formed on the PEPE map. This bullish pattern also indicates that the top meme coin will continue its uptrend soon enough. The analyst’s accompanying chart showed that PEPE could rise to $0.000038 on the next rise.
PEPE appears to be cooling off for now, having recently hit a new ATH thanks to Coinbase and Robinhood’s listing. At the time of writing, PEPE is trading around $0.00002017, down more than 4% in the last 24 hours, according to facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com