Crypto news; BTC, ETH, ADA, LTC, ZEC analysis
Hello and welcome, everyone. It's Martin here with CryptoGains. Today, we have a couple of interesting developments that I'd like to share with you. First of all, the Celsius co-founder and CEO raised his year-end target for Bitcoin to $160,000, which would represent a quadrupling of the price or increasing by four times.
And, of course, the Celsius network is a lending platform. And in addition to that, some of the comments of this person are very insightful because, in addition to maintaining that Bitcoin is going to reach $160,000 this year, he also is quite bullish on El Salvador's move to make Bitcoin a legal tender. And he's suggesting that Brazil and Nigeria could follow. That would be very influential for crypto prices in general and could lead to a huge explosion in prices. However, he also criticises Elon Musk, saying that he's a "crypto tourist" or someone coming to the crypto space for the wrong reasons and leaving for the wrong reasons.
Also, what's quite interesting to observe is that in Ethereum, deposits on crypto exchanges hit a five-month low. And typically, this means that money has been withdrawn to cold wallets for storage instead of being on exchanges for trading, suggesting a long-term holding behaviour. And, finally, the market sentiment is beginning to recover, but it's still in the 'fear' range, which typically represents good buying opportunities.
Also, it's interesting to observe, however, that the World Bank is not supportive of El Salvador's Bitcoin adoption and doesn't plan to support that due to environmental concerns and transparency issues. Finally, one of the leading traders and new influencers from the crypto world is very bullish on Cardano. And this is also one of the assets that we're going to discuss today.
So moving to technical charts, starting with Bitcoin versus Tether, I like $39,000 as my pivot point. And you can see that Bitcoin comes with the buy signal at the time of filming. Buying above $39,000, with targets at 39,800 and $40,700. Conversely, below $39,000, selling Bitcoin, with targets on the short side at $38,000 and $36,800.
Now we're moving to Ethereum. Ethereum, as we discussed, deposit and exchanges are hitting a new low, suggesting that people are holding it for the long term. A good buying opportunity above $2420, with targets at $2520 and $2630. On the short side, if we break below $2420, you could sell Ethereum, with targets at $2356 and $2278.
Now, we're moving to Cardano. Cardano also comes with a buy signal at the time of filming. To me, $1.52 is a good pivot point to enter into long positions, with targets at $1.58 and $1.63. Conversely, below $1.52, we could see declines for reasonably brief, short positions, with targets at $1.50 and then mid-term at $1.46.
And, now, let's take a look at Litecoin. Litecoin is experiencing a very robust rally in the last couple of hours, and it's also with a buy signal on the StormGain platform. Above $171.50, buying Litecoin, with targets at $176 and $182. Or you can even keep that a bit lower: $184, a bit more conservative trade, taking profit a bit earlier. Conversely, however, if we break below $171.50, we could see further declines taking us down to the nearest support at $165.50 and then further down to $157.50.
And, finally, let's take a look at Zcash, another cryptocurrency coming with a buy signal on StormGain. Above $143, buying Zcash, with targets at $149 and $154.50. Conversely, however, below $143, the downside may take us down to the nearest support on the short side at $140 and then further down to $135.
Thanks for joining me today. Keep learning with the video education section in the CryptoGains Market Insights subsection. And remember to join the Crypto Signals Made Easy channel for lots of insightful articles and trading ideas to help you become a more profitable and successful trader.
Bye for now, and trade wisely.