Bitcoin For $40,000? David Portnoy Shares New BTC Strategy By U.Today
U.Today – David Portnoy, entrepreneur and promoter, shared his plans to buy more, if the price is right.
In a video posted on his X account, he revealed the price level at which he would be willing to buy more BTC.
As a long-term owner, Portnoy doesn’t see any reason to buy at the $60,000-61,000 price range. If the price drops below $50,000, Portnoy plans to buy $5-10 million in Bitcoin.
According to data provided by CryptoQuant, long-term holders are selling Bitcoin. Expecting a strong bull market, they see no reason to stay in the asset as the price of BTC declines.
According to IntoTheBlock, long-term holders of Bitcoin (BTC) sold almost 10 billion dollars of BTC in May 2024. The pace, however, slowed down in June, when more than 40,000 BTC holders were sold.
This past week Bitcoin has faced major challenges. Just two days before the end of Q1, the cryptocurrency could not break the resistance level and fell below $60,000.
Despite the current rebound, the BTC price is struggling to climb back above the $70K level, which it tested in March for the first time. In June, Bitcoin lost 14% of its value, falling from $71,000 to around $60,000.
This article was first published on U.Today
