A popular cryptocurrency strategist known for accurately calling the cryptocurrency market bottom in 2018, has pointed to the meme-inspired cryptocurrency $PEPE as “easy money” after it formed an ascending triangle pattern.
In a post shared on the microblogging platform X (formerly known as Twitter) with their over 276,000 followers, pseudonymous analyst Bluntz Capital pointed to a potential breakout of the triangle pattern and suggest that these breakouts are “easy money” in his opinion.
Notably the meme-inspired cryptocurrency is up more than 700% so far this year to now trade at $0.0000104, having seen a 30% rise over the past week amid a wider cryptocurrency market rally that helped the price of Bitcoin top $65,500.
The rally has helped the prices of most meme-inspired cryptocurrencies rise significantly, the leading memecoin DOGE rising 15.9% over the last seven-day period, while rival Shiba Inu surged more than 36% over the same period.
As reported, over the summer a massive cryptocurrency whale moved 9 trillion tokens of the meme-inspired cryptocurrency $PEPE onto popular cryptocurrency exchange Bybit in a transaction that shook the memecoin’s community.
That transaction of 9 trillion PEPE led to a 19% price drop for the cryptocurrency, suggesting potential capitulation. The sender’s address notably shows a history of frequent and high-value transactions.
It’s worth noting Bluntz is famous for, in June 2018, predicting the bear market that was seeing the price of bitcoin drop from a then all-time high near $20,000 would end with the coin trading at $3,200. The prediction was nearly accurate, as BTC hit the target in December of that year.
Featured image via Pixabay.
