Bitcoin at $40,000? David Portnoy Shares New BTC Strategy – TradingView News

Entrepreneur and influencer David Portnoy has 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.

I already own #Bitcoin personally, but if I make it to 40 I’m planning on buying $5-10M worth of Bitcoin with Barstool cash #DDTG pic.twitter.com/nkrdPf7y6s— Dave Portnoy (@stoolpresidente) June 28, 2024

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.

U.Today

Source: CryptoQuant

According to IntoTheBlock, Bitcoin long-term BTCUSD holders sold approximately $10 billion worth of BTC in May 2024. The pace, however, slowed in June, with over 40,000 BTC sold by holders.

Last week, Bitcoin faced some major challenges. Just two days before the end of the first quarter, 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.

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