Brett, the biggest meme coin in the Base Blockchain, rose by over 12% on Friday as sentiment in the crypto and stock industries improved. The Brett token increased to $0.133, up 31% from its lowest swing this month. Some traders believe that the meme coin has more upside potential going forward.

Analyst Bullish on Brett

In a recent post, Michael van de Poppe, a trader with over 721,000 followers, expressed optimism that the token could rise to $0.1712, a 30% increase from Friday’s trading level.

I’ve long been a day trader, and memes are great for that perspective. A ton of volume. And there is a ton of volatility. When it comes to $BRETT, I’d like to search for longs here from this area at $0.125-0.1325 to $0.170 as a clear identification for a potential upward run.

If his prediction is accurate, Brett’s market cap will surpass Floki, which has a market cap of $1.7 billion.

Brett’s rebound coincided with the start of the Bitcoin 2024 conference. During the event, Robert Kennedy, an independent presidential candidate, expressed strong support for Bitcoin. The event’s main headliner will be Donald Trump, who is leading in most polls. Trump is expected to reiterate his support for cryptocurrencies. Analysts are debating whether he will announce a Bitcoin reserve at this event.

Base Blockchain Performance

The Brett token also gained as the Base blockchain ecosystem continued to perform well. Launched in 2023 by Coinbase, Base has accumulated over $1.6 billion in DeFi assets, making it the 6th largest chain in the industry. It has surpassed popular networks like Cardano, Avalanche, and Polygon.

At the same time, Brett and other altcoins surged as the US stock market rebounded, indicating that investors have adopted a risk-on sentiment. The Dow Jones index rose by over 600 points, while the S&P 500 and Nasdaq 100 jumped by over 80 basis points.

Technical Analysis

Technically, Brett has formed a morning star pattern, a popular reversal sign. Historically, the token has seen double-digit gains after forming this pattern. For instance, it formed on July 12 and then rose by 40%. On the downside, this rebound could be a dead cat bounce, where an asset rises briefly and then resumes its bearish trend.

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