Portnoy Plans Significant Bitcoin Investment if Price Drops

Summary:
Entrepreneur and influencer David Portnoy has announced his intention to buy more Bitcoin if its price drops below $50,000. Currently, he does not find the $60,000-$61,000 price level appealing for investment. Portnoy plans to invest $5-10 million in Bitcoin if the price meets his target. Data from CryptoQuant indicates that ultra-long-term holders are currently selling Bitcoin, anticipating a stronger bull market. IntoTheBlock reports that long-term Bitcoin holders sold approximately $10 billion worth of BTC in May 2024, with a slowdown in June. Bitcoin has faced significant challenges recently, struggling to remain above $70,000 and experiencing a 14% value drop in June. Despite a recent rebound, the cryptocurrency remains around the $60,000 mark.