A crypto analyst has predicted a huge price increase for mid-cap meme coin Pepe PEPE/USD, a competitor to Dogecoin DOGE/USD and Shiba Inu SHIB/USD.

What Happened: Anonymous crypto analyst Altcoin Sherpa shared on X that he expects to see PEPE rise by about 100%. This prediction follows a period of consolidation and accumulation, similar to what happened in 2024.

"PEPE also went through a three-month /consolidation cycle in late Q3 2024 and then had another run in December. It's currently in the same exact region in the same consolidation. I expect PEPE to do a 2x or something from the bottom at a minimum," the analyst stated.

At the time of writing, PEPE was trading at $0.00000884, showing a rise of about 23% over the past week.

The analyst also mentioned that the idea of "altcoin seasons" is outdated, and traders should expect periods of upside followed by periods of downside.

"People keep talking about 'altcoin season.' It's a poor attempt to categorize market structure. Expect periods of periods of , periods of periods of . Don't panic out of anything good and view initial downswings as buying opportunities," Altcoin Sherpa said.

Interestingly enough, PEPE also went through a 3 month accumulation/consolidation cycle in late Q3 2024 and then had another run in December. It's currently in the same exact region in the same consolidation. I expect PEPE to do a 2x or something from the bottom at a minimum

At the same time, the analyst stated that Bitcoin maintaining a key psychological support level signals bullish prospects for altcoins.

"As long as BTC holds the $70k psychological support, we're still good and seeing strength in the altcoins. Don't be surprised to see another leg up in some of the best-performing ones. We're still in a bull market despite the recent downturn."

Also Read: Is Bitcoin Performing Better Than S&P500 This Year?

Why It Matters: This prediction by Altcoin Sherpa highlights the potential for significant volatility and high returns associated with investing in altcoins. His comparison of the current market conditions to those of 2024 suggests that history might repeat itself, leading to substantial gains for investors.

However, the analyst's caution about the outdated concept of "altcoin seasons" and the need for traders to anticipate periods of prosperity and decline highlights the inherent risks involved in cryptocurrency trading.

His advice to consider initial dips as buying opportunities could be a valuable strategy for traders navigating the volatile crypto landscape.