In a video posted on his X account, he revealed the price level at which he would be ready to buy more BTC.
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.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
