Pepe price could form a ‘super bullish breakout’, analyst says

Pepe's price has surged this week, driven by Bitcoin's recovery from this month's low of $53,700 to over $65,000.

The PEPE (PEPE) token bottomed at $0.00000767 on July 5 but has since gained 57% to trade at $0.000012 on Thursday, marking its highest level since June 28th.

Analysts are optimistic about Pepe's price movement, noting that it has become the most actively traded meme coin. Data indicates that Pepe's trading volume rose to over $1.2 billion on Thursday.

Open interest in Pepe futures has increased to its highest point since June 7, reaching $148 million. Whales are still buying Pepe, with one whale purchasing 1.39 trillion Pepe tokens worth $16.7 million on Thursday.

The bullish analysis on Pepe coincides with more optimistic estimates for Bitcoin. Stablecoin inflows have grown, pushing their market caps to a record high, and some analysts predict that Bitcoin will rise to $220,000.

However, not everyone is optimistic about Bitcoin. Peter Brandt warns that Bitcoin is still forming a series of lower highs and lower lows. Bitcoin's price action is important for Pepe and other altcoins, as they tend to thrive when Bitcoin is doing well.