- Bitcoin has had an impressive run in 2021 but could climb to $ 85,000 or more.
- A major risk to bitcoins hitting $ 100,000 is that institutions will take profits instead of “hodeling” them.
- The crypto bull and entrepreneur David Gokhshtein names seven altcoins that he is optimistic about.
- Check out Insider’s business page for more stories.
Bitcoin (BTC) will soon be ready for another “monster run” if it can overcome a major level of resistance, predicts longtime cryptocurrency bull and entrepreneur David Gokhshtein.
The world’s largest cryptocurrency is up 63% since the start of the year
and other central banks are constantly increasing the global money supply through a pandemic-induced emergency policy. Bitcoin, which has a limited supply of 21 million, has gained momentum as the number of dollars in circulation increased 27% from March 2020 to June 2021.
Retail investors, corporations and governments have increasingly adopted digital assets as crypto prices have soared, forcing traditional financial institutions to “get in or be left behind,” says JP Lee, VanEck’s ETF product manager.
Bitcoin rose at around $ 29,000 this year and quickly rose to an all-time high of $ 64,000 in mid-April before hitting the $ 29,000 mark again in mid-July. It has since been catapulted to $ 47,000, and Gokhshtein sees great benefits for Bitcoin if it can break the technically challenging and psychologically important resistance level of $ 50,000 to $ 52,000.
“[The] The previous breakout above $ 52,000 for Bitcoin came with sufficient trading volume that skyrocketed with a stream of private and institutional money, ”Gokhshtein wrote in a message to Insider Targets. Volume has been low on previous breakouts, suggesting institutional buyers and retail sellers are bringing in higher volume on retracement. “
If Bitcoin can replace $ 52,000, it should climb to $ 70,000 to $ 72,000, Gokhshtein said. From there, he said it could easily pull back before climbing into the $ 80,000 to $ 85,000 range.
“The only thing I can’t figure out is, ‘Will it reach $ 100,000 this year or not?'” Gokhshtein said.
Bitcoin could become a prisoner of its own success if it climbs so much that institutions sell their positions and make a quick profit to increase their profit, Gokhshtein said. Profit-taking is the opposite of what retailers jokingly call “hodling” on internet forums – a misconduct of holding.
“I’m not scared or anything, but it’s just like that once it hits $ 85,000 I just don’t know,” Gokhshtein said. “You think people will get ‘hodl’ and let it go.”
If institutions decide to let Bitcoin ride, Gokhshtein believes the world’s leading cryptocurrency could reach $ 120,000 or even $ 150,000. But “shooting to the moon” as some traders like to say, shooting higher in a straight line is unrealistic and “newbie talk,” Gokhshtein said.
“Pullbacks are healthy,” said Gokhshtein. “We have to pull back. That was our first correction. [At $28,000,] People make, you know, charts of $ 10,000, $ 5,000. … It was necessary to reach $ 80,000 to $ 85,000. “
Gokhshtein is far from alone with his bullish Bitcoin belief. Nick Cawley, a strategist at DailyFX.com, recently told Insider that he expects Bitcoin to hit new all-time highs soon as cryptos “get too big to be ignored any longer”. And the notable crypto cop Cathie Wood, the founder, CEO, and CIO of ARK Invest, has a long-term price target of $ 500,000 on Bitcoin.
Altcoins for trading
Gokhshtein also shared seven altcoins to insiders that he’s optimistic about. Although Bitcoin is his main cryptocurrency investment, he’s a crypto evangelist – not just a bitcoin cop.
The largest altcoin, Ethereum, is grossly undervalued, according to Gokhshtein, who has set a “conservative” price target of $ 14,000 for ether, the cryptocurrency’s native token. Ether is currently trading for around $ 3,150.
“If you look at the 2017 Bitcoin chart and compare it to Ethereum and its current history, it is almost identical,” said Gokhshtein.
Ethereum underwent a major upgrade called EIP-1559 in early August that was designed to make transactions on its blockchain more efficient while reducing the supply of ethers in circulation. This resulted in a 9.6% intraday price hike, and investors have yet to sell the positive news, which Gokhshtein says is a reason to be bullish on Ethereum going forward.
Below are six other smaller altcoins that Gokhshtein owns that he is constructive of when calling for the crypto
keep going. Along with each crypto is their ticker and a quote from Gokhshtein about their short-term trajectory.