Bitcoin for $40,000? David Portnoy Shares New BTC Strategy

David Portnoy, an entrepreneur and influencer, recently outlined his strategy for purchasing more Bitcoin when the opportunity arises.

In a video on his social media account, he specified the price point at which he would consider increasing his Bitcoin holdings. As a long-term investor, Portnoy believes there is no incentive to buy at the $60,000-$61,000 range. If Bitcoin’s price falls below $50,000, he intends to invest between $5 million and $10 million in the cryptocurrency.

Recent data indicates that ultra-long-term holders of Bitcoin are currently selling their assets. Many anticipate a more robust bull market and do not see the value in holding onto Bitcoin as prices decline. According to statistics, long-term holders offloaded approximately $10 billion worth of Bitcoin in May 2024, though the selling pace slowed in June with over 40,000 Bitcoin sold.

Bitcoin encountered significant challenges last week. Just two days before the end of the first quarter, the cryptocurrency failed to break through a resistance level, dropping below $60,000.

Although there has been a recent rebound, Bitcoin is still struggling to rise above the $70,000 mark, a level it first approached in March. In June, the cryptocurrency experienced a 14% loss, plunging from $71,000 to around $60,000.