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A crypto analyst has called the bottom for Pepe (PEPE), the third-largest meme coin by market capitalization. According to the analyst, Pepe hit its lowest price point for this cycle after experiencing a scary market crash that wiped out most of its 2025 gains. Based on the Elliott Wave theory, Pepe’s price action shows it is entering Wave 3, which the analyst expects will be a bullish turnaround with a 594% promise.  Pepe Hits Market Bottom After Price Crash On January 13, a crypto analyst known as ‘Slick’ announced that Pepe’s market bottom was officially in, signaling a potential turning point from a downtrend. The analyst shared a detailed chart on X (formerly Twitter), analyzing Pepe’s price movement while focusing on wave patterns and Exponential Moving Averages (EMA).  Related Reading: Dogecoin Traders Remain Extremely Bullish Despite Price Crash, Here Are The Numbers The chart divides Pepe’s price action into three waves: 1, 2, and 3. Wave 1 marks an initial rise in Pepe’s price, during which two local tops were achieved. The next phase, Wave 2, highlights two local tops and a corrective period that retraces below the 200-day EMA.  Based on Pepe’s price movements, Slick expects the meme coin to enter Wave 3 soon. He anticipates that this wave could trigger a significant move upwards. Moreover, the analyst pinpoints the 200-day EMA at a critical support level, where each time Pepe’s price corrects to this support, it is labeled as a “fear phase,” underscoring broader market uncertainty.  The two tops pinpointed in Waves 1 and 2 are peaks that mark interim resistance points before a price correction. The Top 1 signals the end of a brief price rally, while the Top 2 showcases a rise to a secondary resistance level.  Interestingly, the analyst has acknowledged that his projection of Pepe’s bottom comes with a 70% certainty. This forecast also aligns with Pepe’s recent massive price crash to new lows. According to data from CoinMarketCap, Pepe experienced a scary decline that eliminated over 26.45% of its value over the past month.  The cryptocurrency is still on a significantly bearish trend, dropping by another 16.20% in the last seven days. Pepe is currently experiencing similar volatility and bearish conditions to most meme coins in the market. Top dogs like Dogecoin and Shiba Inu have fallen by 12.5% and 11.2%, respectively, this past week.  Analyst Forecasts 594% Pepe Price Rally  While commenting on Pepe’s bearish performance and potential market bottom, Slick also presented a silver lining, predicting that a rebound could soon occur. The analyst has set a price and market cap target for Pepe, confidently projecting that the frog-themed meme coin could rise to a 50 billion market capitalization, followed by a significant surge in value.  Related Reading: XRP Price Breaks Out Of Symmetrical Triangle Pattern, Why The Target Is $8 The dotted lines in the price chart indicate the speculative future price action leading to Wave 3. Unlike Waves 1 and 2, which recorded two tops, Wave 3 has only experienced one local top, followed by a decline to the 200-day EMA.  Slick believes that Pepe could experience similar price movements with past waves, where it would reach two local tops before a significant price correction. The analyst has projected that the top 2 in Pepe’s Wave 3 would drive its price as high as 594% to a new bullish target of $0.000118 from its current market price of $0.000017. Featured image created with Dall.E, chart from Tradingview.com