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Bitcoin has just made a major comeback.
The cryptocurrency rallied on Wednesday, surpassing $ 55,000 and reaching its highest level since mid-May. Regulatory fears eased this week after Treasury Secretary Janet Yellen and SEC Chairman Gary Gensler said they had no plans to impose restrictions on crypto trading. currencies.
Bill Baruch, chairman of Blue Line Capital, had planned over the summer to strengthen his position in bitcoin as its price plummeted – falling to $ 32,000 and adding to it if it fell to $ 20,000 .
“It didn’t happen there. I didn’t get my full position, but what it ultimately did was lead me to do more research and try to find where can I go. invest this money I want to be in crypto, ”Baruch told CNBC’s“ Trading Nation ”Wednesday.
Baruch highlights two cryptocurrencies he supports as an alternative to bitcoin – Solana and Algorand.
“Solana is actually my biggest possession right now, I got it on at the right time and it has increased quite strongly. I think it has legs to do from here too… and Algorand looks like Solana to me. two or three years ago, “he said.
Algorand looks constructive on the charts, he continues. Baruch says it looks like a buy as long as it holds above $ 1.50. It was trading at $ 1.82 on Wednesday.
Delano Saporu, founder of New Street Advisors, says greater bitcoin adoption should support a continued rebound.
“You are looking at involving more institutions. We saw that the American bank was going to offer institutional custodial services. We also see the Bank of America implementing research on Bitcoin as well, so I think that there is still more room to function, ”he said. said during the same segment.
More constructive headlines in the cryptocurrency world will have a domino effect in attracting more funds into the space, he says.
“It’s going to generate a bit of momentum and a spike if we get more volume in the buying. I think it might push us a little higher here… so I’m still buying. I think it’s an opportunity. for investors to really do a little more due diligence and see if that makes sense to them too, ”Saporu said.
Disclosure: Blue Line Capital owns SOL and ALGO. New Street Advisors owns BTC.
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