David Portnoy, an entrepreneur and influencer, recently discussed his plans to buy more Bitcoin when the price is right. In a video posted on his social media account, Portnoy revealed that he is not interested in buying Bitcoin at the $60,000-61,000 price level. However, if the price drops below $50,000, he plans to invest $5-10 million in the cryptocurrency.
Data from CryptoQuant shows that ultra-long-term holders are currently selling off their Bitcoin as they anticipate a stronger bull market. Meanwhile, long-term holders have sold approximately $10 billion worth of BTC in May 2024, with a slight slowdown in June.
Bitcoin faced challenges in the past week, struggling to break the $60,000 resistance level and dropping below it. Despite a recent rebound, the price of Bitcoin is having difficulty climbing back above $70,000, which it tested for the first time in March. In June, Bitcoin lost 14% of its value, dropping from $71,000 to around $60,000.