Bitcoin (BTC/USD) seems to have entered another bullish period, and the altcoins are following in its footsteps already, this time. The coin has skyrocketed by 25% over the past 7 days, beginning its surge as soon as October itself kicked off.
In the last 24 hours, the coin skyrocketed by 5%, reaching $55,500 for the first time since May of this year. The new development, of course, sparked discussions about whether or not it is too late to get into Bitcoin. Delano Saporu of New StreetAdvisors and Bill Baruch of Blue Line Capital shared their views on the situation.
A string of positive crypto news launches Bitcoin past $55,000
The surge came soon after both, the Treasury Secretary Janet Yellen and SEC chair Gary Gensler said they have no intention of imposing any restrictions on buying the largest cryptocurrency. Saporu and Baruch — both well-known investors and strategists — decided to share their thoughts on the matter.
Delano said that breaking through $52,000 was crucial for BTC, as this was a major resistance level. Now, he believes that BTC could go even further up. He noted that more and more institutions are getting involved, he also briefly mentioned the Bank of America’s report on BTC and the U.S. Bank’s new custody solutions for crypto, as well as El Salvador’s adoption — all of which were very bullish developments and likely reasons why investors are now so optimistic about Bitcoin.
With these and other positive developments, Delano believes that BTC will continue skyrocketing in Q4 2021.
Bill Baruch joined the conversation by saying that BTC could hit $60,000 before the end of the year. However, he also said that he is not as concerned about Bitcoin, but rather that he is on the lookout for newer opportunities, such as Solana. He views it as a platform that can truly compete with the likes of BTC and ETH, and that it rose very sharply.
He also mentioned Algorand, which has huge potential in the long term, so there are definitely different options and opportunities for investors who wish to see their money in crypto.
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