Frequent traveler but would appreciate your thoughts here...

Planning a trip from the US to Europe in early August. I've heard that fares are essentially "rack-rates" until 90 days before and that there's no benefit (besides an unexpected massive hit of demand) to booking ahead of 90 days before the departure date (ie 120 days vs 90 days).

Flights from the US - Europe are always expensive in August, I realize. But any expectations, ways to anticipate or things to wait for to see if the fares drop?

Right now the best I'm finding for my destination (Ibiza) is roughly $1200 US.

Thanks.