Bitcoin for $40,000? David Portnoy shares new BTC strategy

Bitcoin for $40,000? David Portnoy shares new strategy for BTC

David Portnoy, entrepreneur and influencer, has shared his plans to buy more Bitcoin, when the price is right.

David Portnoy, an entrepreneur and influencer, 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 willing to buy more BTC.

I already have it personally #Bitcoin but if it drops to 40, I plan to buy between 5 and 10 million dollars worth of Bitcoin with Barstool money. #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 to $61,000 price level. If the price falls below $50,000, Portnoy plans to buy between $5 million and $10 million worth of bitcoins.

According 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.

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According In the blockLong-term Bitcoin (BTC) holders have sold approximately $10 billion worth of BTC as of May 2024. However, the pace 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 rally, the BTC price is struggling to break back above the $70,000 level, which it reached in March for the first time. In June, Bitcoin lost 14% of its value, dropping from $71,000 to around $60,000.