Entrepreneur and influencer, David Portnoy, recently shared his strategy for investing in Bitcoin based on price levels. In a video on his X account, he made it clear that he is not interested in buying Bitcoin at the $60,000-61,000 range. However, if the price drops below $50,000, he plans to invest $5-10 million in Bitcoin. This reveals his long-term outlook on the cryptocurrency market.

Data from CryptoQuant suggests that ultra-long-term holders are currently selling off their Bitcoin holdings. They anticipate a stronger bull market and do not want to hold onto the asset as the price of BTC declines. On the other hand, IntoTheBlock reports that long-term Bitcoin holders have sold approximately $10 billion worth of BTC in May 2024. While the selling slowed down in June, over 40,000 BTC were still sold by holders.

Bitcoin faced significant hurdles in the past week. Just days before the end of Q1, the cryptocurrency failed to break through a resistance level and dropped below $60,000. Despite a recent rebound, the price of BTC struggles to surpass the $70,000 mark, which it reached for the first time in March. In June, Bitcoin saw a 14% decline in value, falling from $71,000 to around $60,000.

Portnoy’s cautious approach to buying Bitcoin based on price levels reflects the uncertainty in the market. While some long-term holders are selling off their assets, others are holding strong. The recent drop in Bitcoin’s value and struggles to reclaim previous highs indicate volatility in the cryptocurrency market. Investors need to carefully assess market trends and fluctuations before making any investment decisions.

As Bitcoin continues to experience price fluctuations, it is crucial for investors to stay informed and adapt their strategies accordingly. David Portnoy’s decision to wait for a price drop before investing further in Bitcoin highlights the importance of timing in the cryptocurrency market. By analyzing market trends and staying updated on industry news, investors can make informed decisions and navigate the ups and downs of the Bitcoin rollercoaster.

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