Long-time bull David Gokhshtein predicts bitcoin will hit up to $85,000 this year.Photo illustration by Edward Smith/Getty Images This story is available exclusively to Insider subscribers.Become an Insider and start reading now.Bitcoin has enjoyed an impressive run in 2021 but could rise to $85,000 or higher.One key risk to bitcoin hitting $100,000 is if institutions take profits instead of “hodl-ing.” Crypto bull and entrepreneur David Gokhshtein names seven altcoins he’s bullish on.
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Bitcoin ( BTC ) is ready for another “monster run” soon if it can clear a key level of resistance, long-time cryptocurrency bull and entrepreneur David Gokhshtein predicts.
The world’s largest cryptocurrency has soared 63% year-to-date as the Federal Reserve and other central banks steadily increase the global money supply through pandemic-induced emergency policies.Bitcoin, which has a capped supply of 21 million, has gained momentum as the number of dollars in circulation grew 27% from March 2020 to June 2021.
Individual investors, corporations, and governments have increasingly embraced digital assets as crypto prices have steadily risen, forcing traditional financial institutions to ” get on board, or be left behind ,” in the words of JP Lee, VanEck’s ETF product manager.
Bitcoin entered this year at about $29,000 and quickly traded up to an all-time high of $64,000 in mid-April before revisiting the $29,000 mark in mid-July.It’s since catapulted up to $47,000, and Gokhshtein sees huge upside for bitcoin if it can crack the technically challenging and psychologically important resistance level of $50,000 to $52,000.David Gokhshtein
“[The] previous breakout past $52,000 for bitcoin occurred with sufficient trading volume, which spiked with a flow of retail and institutional money,” Gokhshtein wrote in a message to Insider.”This allows for investors to look past the mental anchor of $50,000 and set new, higher targets.
Volume has been low on previous breakouts, indicating institutional buyers with retail sellers on retracement bringing higher volume.” David Gokhshtein
If bitcoin can clear $52,000, it should rise to $70,000 to $72,000, Gokhshtein said.From there, he said it may pull back slightly before climbing to the $80,000 to $85,000 range.David Gokhshtein
“The only thing that I can’t figure out is: ‘Will it hit $100,000 this year or not?'” Gokhshtein said.
Bitcoin could become a prisoner of its own success if it rises so much that institutions sell their positions and book a quick profit to boost their bottom lines, Gokhshtein said.Profit-taking is the opposite of what retail traders in internet forums jokingly call “hodl-ing” — a malapropism of holding.
“I’m not scared or anything, but it’s just that, once it hits $85,000 I just don’t know,” Gokhshtein said.”You think that people will ‘hodl’ and let it keep going.”
If institutions decide to let bitcoin ride, Gokhshtein believes the world’s leading crypto could hit $120,000 or even $150,000.But shooting “to the moon,” as some traders like to say, in a straight line higher is unrealistic and “newbie talk,” Gokhshtein said.
“Pullbacks are healthy,” Gokhshtein said.
“We need to pull back.That was our first correction.[At $28,000,] people are, you know, making charts of $10,000, $5,000.… That was necessary in order for us to reach $80,000 to $85,000.”
Gokhshtein is far from alone in his bullish bitcoin conviction.Nick Cawley, a strategist at DailyFX.com, recently told Insider that he expects bitcoin is set new all-time highs soon because cryptos are getting “too big to be ignored any longer.” And notable crypto bull Cathie Wood, the founder, CEO, and CIO of ARK Invest, has a long-term price target of $500,000 for bitcoin.
Altcoins to act on
Gokhshtein also shared seven altcoins he’s bullish on with Insider.While bitcoin is his primary cryptocurrency investment, he’s a crypto evangelist — not just a bitcoin bull.
The largest altcoin, ethereum , is wildly undervalued, according to Gokhshtein, who set a “conservative” $14,000 price target for ether, the cryptocurrency’s native token.Ether currently trades for around $3,150.
“If you look at bitcoin’s 2017 chart and compare it to ethereum and its current run, it’s almost identical,” Gokhshtein said.
Ethereum underwent a major upgrade in early August called EIP-1559, which was designed to make transactions on its blockchain more efficient while cutting the supply of ether in circulation .It led to a 9.6% intraday price spike , and investors haven’t yet sold the positive news, which Gokhshtein said is a reason to be bullish on ethereum going forward.
Below are six other smaller altcoins that Gokhshtein owns and is constructive on as he calls for the crypto bull market to continue.
Along with each crypto is its ticker and a quote from Gokhshtein about its near-term trajectory.1.Cardano
Ticker : ADA
Quote : “Cardano hit, what was it, like 2 cents during the bear market .
I’ve been super bullish on it, but they have to deliver the smart contracts, which they’re delivering on September 12.I feel before that date, we’ll probably hit $5.That’s the target: $4 to $5, I think it hits.And then we just have to see if Cardano will go ahead and sell off once September 12 hits.
… I think, in this environment, it will continue.” 2.Polkadot
Ticker : DOT
Quote : “I’m still bullish on Polkadot.I think Polkadot, and Chainlink, are severely undervalued.
… Number one, Gavin Wood, one of the founders of ethereum, he’s behind the project.
That has me excited.When you look at the project, some diehards will say it’s something that might take over for ethereum.To me, I see it as a compliment to ethereum.” 3.Chainlink
Ticker : LINK
Quote : “I think …
Chainlink [is] severely undervalued.… There’s no other oracle system or other oracle platform like it in our space.Nobody comes close to it.And we need oracle systems in order to provide data, and that’s what they do.They’re good at it.” 4.
Stellar
Ticker : XLM
Quote : “Nobody really talks about it.I have no clue why.Every time XRP [Ripple] moves, XLM moves.Essentially, it doesn’t really have to move when XRP moves.It’s moved plenty without XRP.
… It has DNA from Ripple, obviously.The speed at which it works is ridiculous.… It’s super fast, efficient.They have partnerships in the works.
… I just think it’s really underrated.” 5.Solana
Ticker : SOL
Quote : “If anyone wants Web 3.0, they’re looking at Solana.
I don’t even know why people are just getting to the point of talking about that project.Highly underrated — and undervalued.” 6.VeChain
Ticker : VET
Quote : “VeChain, since 2017, has been working consistently on implementing their blockchain with major partnerships.Walmart, H&M, I mean, there’s a whole list that I can go ahead and list out.These aren’t just front-facing partnerships — these are real partnerships.” Was this article valuable for you? Yes .
