U.Today – Entrepreneur and influencer David Portnoy shared his plans to buy more when the price is right.
In a video posted on his account, X 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 $60,000-$61,000. If the price drops below $50,000, Portnoy plans to buy $5-10 million 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 BTC price declines.
According to IntoTheBlock, long-term Bitcoin (BTC) holders sold approximately $10 billion worth of BTC in May 2024. However, this pace slowed in June when holders sold over 40,000 BTC.
Bitcoin faced some solemn challenges last week. Just two days before the end of the first quarter, the cryptocurrency was unable to break the resistance level and fell below $60,000.
Despite the current rebound, BTC price has struggled to climb above the $70,000 level it first tested in March. In June, Bitcoin lost 14% of its value, falling from $71,000 to around $60,000.
