Max Schwartzman, the CEO of Because Bitcoin, has provided a bullish outlook for PEPE. He stated that the meme coin is mirroring the Dogecoin price action in the 2021 bull run and explained exactly how this is happening.
How PEPE Is Mirroring The Dogecoin Price
In an X post, Max asserted that PEPE is the Dogecoin of this cycle because of the similarities between the former and the Dogecoin price action in the 2021 bull run. He explained that right as Bitcoin is breaking its previous cycle’s all-time high (ATH), altcoins are witnessing a higher time frame (HTF) higher low coupled with a PEPE.
Related Reading: Crypto Analyst Says Dogecoin Is The Best Cryptocurrency, Here’s Why
The crypto founder revealed that this was the same thing that happened with the Dogecoin price in 2021. His accompanying chart showed that PEPE is replicating Dogecoin’s 2021 price action as the meme coin has witnessed a breakout while others are retesting the higher lows. In line with this, Max predicts that PEPE is going so much higher.
This isn’t the first time the crypto founder has drawn similarities between PEPE and the Dogecoin price. Last year, he mentioned that PEPE’s price action was similar to Dogecoin in 2020. He further predicted that the former would enjoy a significant price breakout this year if it continued 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 boasts a market cap 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 might just be starting with the meme coin set to replicate the Dogecoin price action in 2021.
PEPE Forming A ‘Big’ Bull Flag
In an X post, Crypto analyst and trader Crypto Zeus highlighted a potential ‘big’ bull flag that was forming for PEPE. This bull flag indicates that the meme coin could continue its upward trend once this consolidation phase is over. The analyst also remarked that PEPE will likely rise higher as the Bitcoin price hits new highs.
Related Reading: Is The Dogecoin Price Rally Over? Analyst Reveals Why There’s Still Room To Run
Similarly, crypto analyst Chandler mentioned a bullish pennant that had formed on PEPE’s chart. This bullish pattern also indicates that the top meme coin will continue its upward trend soon enough. The analyst’s accompanying chart showed that PEPE could rally to as high as $0.000038 on its next leg up.
PEPE looks to be cooling off for now, having just recently hit a new ATH on the back of Coinbase and Robinhood’s listing. At the time of writing, PEPE is trading at around $0.00002017, down over 4% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com