Max Schwartzman, CEO of Because Bitcoin, has presented a bullish outlook for PEPE. He stated that this meme coin is reflecting the price action of Dogecoin during the 2021 bull run and explained exactly how this is happening.
How Does PEPE Reflect Dogecoin's Price?
In a post on X, Max asserted that PEPE is the Dogecoin of this cycle due to the similarities between PEPE and the price movements of Dogecoin during the 2021 bull run. He explained that as soon as Bitcoin broke the previous cycle's all-time high (ATH), altcoins were seeing higher lows in a higher time frame (HTF) along with PEPE.
The cryptocurrency founder revealed that this is similar to what happened with Dogecoin's price in 2021. His accompanying chart shows PEPE repeating the price action of Dogecoin in 2021 as the meme coin saw a breakout while other coins were testing higher lows. In line with this, Max predicts that PEPE will rise much higher.
This is not the first time the cryptocurrency founder has pointed out similarities between PEPE and Dogecoin's price. Last year, he mentioned that PEPE's price movements were similar to Dogecoin in 2020. He further predicted that PEPE would have a significant price breakout this year if it continued to reflect DOGE's price movements.
When he made his prediction, PEPE's market cap was $600 million. Since then, the top meme coin has seen a parabolic price surge and now boasts a market cap of over $8 billion. PEPE is one of the best-performing cryptocurrency assets this year, with a year-to-date (YTD) increase of 1,400%. However, based on Max's recent statement, PEPE's price surge may just be beginning, with the meme coin set to replicate Dogecoin's price action in 2021.
PEPE Forms a 'Big' Bull Flag
In a post on X, cryptocurrency analyst and trader Crypto Zeus highlighted a potential 'big' bullish flag forming for PEPE. This bullish flag suggests that the meme coin could continue its upward trend after this consolidation phase ends. The analyst also noted that PEPE is likely to rise higher as Bitcoin reaches new highs.
Similarly, cryptocurrency analyst Chandler mentioned a bullish flag that has formed on PEPE's chart. This bullish pattern also indicates that the top meme coin will soon continue its upward trend. The analyst's accompanying chart shows that PEPE could rise to as high as $0.000038 in the next price surge.
PEPE seems to be cooling off, recently reaching a new ATH after being listed on Coinbase and Robinhood. At the time of writing, PEPE is trading at around $0.00002017, down over 4% in the past 24 hours, according to data from CoinMarketCap.
