A crypto analyst has predicted price targets for apex cryptocurrency Bitcoin BTC/USD, Ethereum ETH/USD and Solana SOL/USD, in the wake of FTX FTT/USD collapse.
What Happened: Pseudonymous cryptocurrency analyst Altcoin Sherpa said on Twitter that Ethereum's price could drop 54%, in the unlikely event of Grayscale, a cryptocurrency asset management firm, going bankrupt.
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“I think $500 should be a decent place to bid if things go to s**t based on psychological (number) alone; but there’s a long way to go (before) then,” the analyst tweeted.
According to Altcoin Sherpa, Solana could drop to $3 if current price levels don’t persist. Solana is called one of Ethereum’s main competitors. “SOL: If these current areas fall, $3 is the next significant area up IMO (in my opinion). Long term I think that FTX/SBF (Sam Bankman-Fried) getting destroyed is probably a net good for the ecosystem but short term wise, this is still pretty disastrous.”
For BTC, long-term opportunities are beginning to present themselves, as per Altcoin Sherpa. The trader believes BTC has more room to decline but recommends buying at $16,000, $14,000, and $12,000 levels.
Price Action: At the time of writing, ETH was trading at $1,086, down 2.81% in the last 24 hours. BTC was trading at $15,710 down 1.78%. SOL at $11.38, declined over 2%, according to Benzinga Pro.
Read Next: Bitcoin, Ethereum, Dogecoin Fall: Analyst Says 'More Blood Yet To Come' As Genesis Crisis Adds To Crypto Carnage
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