Today’s crypto crash has made investors largely pessimistic, with talks circulating of a potential Bitcoin drop to $50,000.
On the contrary, a few experts are signalling this to be the perfect time to buy the dip, highlighting that the larger market trend remains bullish and pull-backs are part of the process.
For instance, popular crypto trader @sassal0x – who is the co-host of the Into The Ether podcast and has over 250k X followers – projects that Ethereum will reach a new all-time high in August.
ETH’s all-time high current stands at $4,878, data from CoinGecko reveals. This means that he is expecting the Ethereum price to rally over 55% in the span of a month.
Experts are also backing Ethereum meme coins to explode, claiming that Pepe, FLOKI and nee presale coins could deliver outsized returns.
Could Ethereum Hit A New All-Time High In August?
The Ethereum price is down nearly 20% over the past month and is currently trading at $3,160. However, ETH’s fortunes could be taking a turn for the better in July.
The spot Ethereum ETFs are expected to start trading by mid-July. Bitwise – one of the approved issuers – filed their revised S-1 form to the SEC’s Division of Corporate Finance.
Bloomberg analyst James Seyffart predicts that the ETFs could start trading within the next two weeks.
The institutional demand for Ethereum is expected to be less than that of Bitcoin. However, this cannot diminish the bullish impact of the ETF inflows on the ETH price.
Furthermore, the ETH/BTC trading pair could spell good news for the second-largest cryptocurrency.
Indeed, Bitcoin is currently facing a significant positive supply shock. Mt.Gox currently holds $9 billion worth of BTC while the US government has another $12 billion in Bitcoin, both entities actively selling their holdings. Additionally, the German government – which holds $2 billion in BTC – is selling Bitcoin almost every day.
With the upcoming ETH ETFs inflows and the positive supply shock on Bitcoin, the ETH/BTC trading pair could see a major rally. It is currently trading at 0.053 and a breakout above 0.06 could result in the Ethereum price pushing towards new all-time highs.
Ethereum Meme Coins Also Set To Explode
Smart money investors have been treating meme coins as beta plays on their respective blockchains. With the Ethereum price expected to surge, expect ETH-based meme coins to explode as well.
Both Pepe and Floki are expected to push towards new all-time highs. Experts will also eye Brett – the top meme coin on Base – as a token that could skyrocket.
Presale tokens are also in high demand. For instance, a new meme coin – Base Dawgz – is being hyped up as the next big token on Base, which could potentially show a strong correlation to Brett.
DAWGZ has already raised over $2.3 million in its presale, thanks to its multi-chain status and innovative share-to-earn concept. The project has also launched its own staking program today.
Similarly, Pepe Unchained is another ERC-20 meme coin that analysts are bullish on. In fact, it could soon emerge as the best alternative to Pepe, thanks to its Layer-2 blockchain.
PEPE has already raised over $2 million in its ICO, largely due to the low trading costs and high staking rewards promised by its Layer-2 chain. Indeed, the Pepe Unchained staking protocol is currently offering an APY of over 800%.
Owing to its unique value proposition, crypto influencers believe that it could potentially deliver 10x returns after launch.
