David Portnoy, an entrepreneur and influencer, has shared his plans on buying 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.
I already personally own #Bitcoin but if it dips down into the 40s I’m planning to buy $5-10m of Bitcoin with Barstool money #DDTG pic.twitter.com/nkrdPf7y6s
— Dave Portnoy (@stoolpresidente) June 28, 2024
As a long-term holder, Portnoy does not see any reason for buying at the $60,000-61,000 price level. If the price drops below $50,000, Portnoy plans to buy $5-10 million in Bitcoin.
According to data provided by CryptoQuant, ultra-long-term holders are currently selling Bitcoin. Anticipating a stronger bull market, they do not see any reason to stay in the asset as the BTC price declines.
According to IntoTheBlock, long-term Bitcoin (BTC) holders have sold off approximately $10 billion worth of BTC in May 2024. The pace, however, slowed down in June, with over 40,000 BTC sold by holders.
This past week Bitcoin faced some major challenges. Just two days before the end of Q1, the cryptocurrency could not break the resistance level and dropped below $60,000.
Despite the current rebound, the BTC price is struggling to climb back above $70K level, which it tested in March for the first time. In June, Bitcoin lost 14% in its value, dropping from $71,000 to around $60,000.