Crypto trader Davie Satoshi believes Pepe (PEPE) has a high chance of reaching new highs, even after its recent 26% drop from its all-time high. He outlines four possible scenarios based on Bitcoin's (BTC) price action:
- BTC drops, PEPE drops.
- BTC drops, but PEPE rises due to an 'altseason.'
- BTC rises, PEPE rises.
- BTC rises, but PEPE drops.
Satoshi considers the fourth scenario unlikely and believes the other three scenarios favor PEPE. He observes wave patterns on the Pepe chart, predicting a wave 3 of 3 candles that could lead to a significant price increase.
IntoTheBlock data shows that 84% of Pepe holders are currently in profit, suggesting a positive sentiment for the meme coin. While Pepe's long-term holder count is lower than Dogecoin and Shiba Inu, the increase in large transaction volume (1.8% to $177.4 million) indicates potential growth.
Satoshi's analysis points towards a generally bullish outlook for Pepe, suggesting that the meme coin could benefit from both positive and negative Bitcoin price movements.
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