🚀🔥 Pepe Price could experience 'super bullish breakout', analyst says 🐸📈
Pepe's price has soared this week, driven by Bitcoin's recovery from this month's low at $53,700 to over $65,000.
The PEPE token (PEPE) hit its lowest point at $0.00000767 on July 5 but has since risen 57% to trade at $0.000012 on Thursday, marking its highest level since June 28.
Analysts are optimistic about Pepe's price trajectory, noting that it has become the most actively traded coin. Pepe trading volumes surpassed $1.2 billion on Thursday, outperforming Dogecoin at $734 million and Shiba Inu at $814 million.
Additional data from Coinglass shows that open interest in Pepe futures reached its highest level since June 7, reaching $148 million, primarily on OKX and Bitget. Open interest is often a good predictor of cryptocurrency price movements.
Meanwhile, some big investors continue to buy Pepe, a sign of confidence in a potential rebound. An investor acquired 1.39 trillion Pepe tokens worth $16.7 million on Thursday.
Other whales purchased 44.9 billion and 28.3 billion Pepe tokens respectively this week. Accumulation by whales is generally seen as a positive sign for a cryptocurrency. Another analyst noted that Pepe was on the verge of forming a “super bullish breakout.”
Bitcoin Price Forecast
The bullish analysis on Pepe coincides with other estimates on Bitcoin. In a recent post, Ki Young Ju highlighted that stablecoin inflows have increased, bringing their capitalization to an all-time high of over $135 billion. The growth of stablecoins is another positive sign as these tokens are used to purchase cryptocurrencies.
As previously reported, another analyst predicted that Bitcoin price could reach $220,000. He cited the imminent end to the capitulation of Bitcoin miners that has taken place in recent weeks.
However, not everyone is optimistic about Bitcoin. Peter Brandt warned that although Bitcoin has rebounded this week, it continues to form a series of lower lows and lower highs.
Bitcoin price action is important for Pepe and other altcoins because they thrive when Bitcoin performs well, as we saw this week. While Bitcoin has risen 20% since its low this month, Pepe has surged 56%.
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