U.Today: David Portnoy, entrepreneur and influencer, has shared his plans to buy more when the price is right.
In a video posted to his X account, he revealed the price level at which he would be willing 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 the BTC price falls.
According to IntoTheBlock, long-term Bitcoin (BTC) holders sold approximately $10 billion worth of BTC in May 2024. However, the pace slowed in June, with over 40,000 BTC sold by holders.
Last week, Bitcoin faced some significant challenges. Just two days before the end of the first quarter, the cryptocurrency failed to break through the resistance level and fell below $60,000.
Despite the current rally, the BTC price is struggling to climb back above the $70,000 level, which it tested in March for the first time. In June, Bitcoin lost 14% of its value, dropping from $71,000 to around $60,000.
This article was originally published on U.Today.
