Bitcoin
Bitcoin at $40,000? David Portnoy Shares New BTC Strategy
Dan Burgin
David Portnoy plans to buy up to $10 million worth of Bitcoin if price hits rock bottom
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David Portnoy, entrepreneur and influencer, shared his plans to buy more Bitcoin when the price is right.
In a video posted to his X account, he revealed the price level at which he would be ready to buy more BTC.
As a long-term holder, Portnoy sees no reason to buy at the $60,000-61,000 price level. If the price drops below $50,000, Portnoy plans to buy $5-10 million worth of Bitcoin.
According to data provided by CryptoQuant, ultra-long-term holders are currently selling Bitcoin. Anticipating a stronger bull market, they see no reason to stay in the asset as the price of BTC falls.
According to Inside the blockLong-term Bitcoin (BTC) holders sold approximately $10 billion worth of BTC in May 2024. The pace, however, slowed in June, with more than 40,000 BTC sold by holders.
Last week, Bitcoin faced some major challenges. Just two days before the end of the first quarter, the cryptocurrency failed to break the resistance level and fell below $60,000.
Despite the current recovery, BTC price is struggling to get back above the $70K level, which it first tested in March. In June, Bitcoin lost 14% in value, falling from US$71,000 to around US$60,000.
About the author
And Burgin
Dan is a news editor and writer with 12 years of experience in finance and emerging technologies, with a strong focus on crypto. Covering a wide spectrum of topics, from fintech startups to AI, he provides an in-depth overview of the current state of the crypto market, along with insights into its potential for future disruption.