Crypto Expert Dismisses Market Downturn Forecasts Ethereum Surge in August Potential for Explosive Growth in Meme Coins
Today’s downturn in the crypto market has cast a shadow of pessimism among investors, with speculations rife about Bitcoin possibly dropping to $50,000.
Contrary to this sentiment, a handful of experts are advocating for seizing this opportunity to buy into the market dip. They emphasize that despite recent pullbacks, the broader market trend remains bullish.
One such advocate is @sassal0x, co-host of the popular Into The Ether podcast with over 250k followers. He forecasts that Ethereum (ETH) will achieve a new all-time high in August, surpassing its current peak of $4,878 according to CoinGecko. This prediction suggests a potential rally of over 55% within just a month.
Experts are also optimistic about Ethereum-based meme coins like Pepe, FLOKI, and new presale tokens, anticipating significant returns.
Although the Ethereum price has declined nearly 20% over the past month to $3,160, there are signs that its fortunes could reverse in July. The launch of spot Ethereum ETFs, scheduled to commence trading by mid-July with Bitwise among the first issuers, could potentially catalyze ETH’s upward trajectory.
James Seyffart of Bloomberg predicts that these ETFs could debut within the next two weeks, likely bolstering institutional demand for Ethereum. Despite expectations that Ethereum’s institutional demand may lag behind Bitcoin’s, the ETF inflows are anticipated to have a positive impact on ETH’s price.
Moreover, the ETH/BTC trading pair appears promising amidst a positive supply shock affecting Bitcoin. Significant amounts of Bitcoin held by entities like Mt.Gox and various governments are being actively sold, potentially boosting Ethereum’s relative strength against Bitcoin.
The outlook for Ethereum-based meme coins is also upbeat. Investors view coins like Pepe and FLOKI as strategic bets linked to Ethereum’s performance, with expectations of new highs. New entrants like Base Dawgz, which raised $2.3 million in its presale, and Pepe Unchained, which secured $2 million during its ICO, are generating buzz in the market with innovative features and high staking rewards.
Overall, crypto influencers and analysts are optimistic that these developments could pave the way for substantial gains in the coming months.