Last week, Daniel Cheung, founder of crypto hedge fund Pangea Fund, said on social media that July and August could be the worst months for Ethereum.
According to him, the price of Ethereum has not yet hit a low, and will fall by 40% to around $500 in the next two months.
“Ethereum is most likely to be leveraged and become a liquidity bet on Nasdaq for at least the next two months,” he said.
At the time of his comments above, Ethereum was trading around $1,200.
While he is bearish on the crypto market, he is not actually short. He expects inflation to worsen further in July and August due to higher food and energy prices, which would create a perfect storm for a “real crash in the crypto market.”
At the time of writing, ethereum was up 10% on the day at $1,150.