Bitcoin
Bitcoin for $40,000? David Portnoy Shares New BTC Strategy
Dan Burgin
David Portnoy Plans to Buy Up to $10 Million in Bitcoin If Price Hits 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 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 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.
Bitcoin faced some major challenges last week. Just two days before the end of Q1, 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 $70,000 level, which it first tested in March. In June, Bitcoin lost 14% of its value, falling from $71,000 to around $60,000.
About the author
And Burgin
Dan is an editor and news writer with 12 years of experience in finance and emerging technologies, with a strong focus on cryptography. Covering a wide spectrum of topics from fintech startups to AI, it provides an in-depth overview of the current state of the crypto market along with insights into its potential for future disruption.