Bitcoin
Bitcoin for $40,000? David Portnoy Shares New BTC Strategy by U.Today
U.Today – David Portnoy, entrepreneur and influencer, shared his plans to buy more when the price is right.
In a video posted on 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 remain in the asset as BTC’s price drops.
According to IntoTheBlock, long-term Bitcoin (BTC) holders sold approximately $10 billion worth of BTC in May 2024. The pace, however, slowed in June, with over 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 climb back above the $70K level, which it first tested in March. In June, Bitcoin lost 14% in value, falling from $71,000 to around $60,000.