Entrepreneur and investment influencer David Portnoy, identified as ‘Dave Portnoy’ in X, has unveiled his strategy to buy a substantial amount of Bitcoin, potentially up to $10 million, should the price drop significantly. In a video shared on his X account, Portnoy disclosed his target price for making a big move into Bitcoin.
Read on to learn what exactly is this investment influencer’s brilliant trading strategy!
Barstool Sports Owner Portnoy, who already holds Bitcoin, indicated that he sees no advantage in buying at the current price of around $60,000 – 61,000. He stated that if Bitcoin’s price falls below $50,000, he plans to invest between $5 million and $10 million using funds from Barstool Sports, which is an American blog and digital media company based in New York City, known for its sports journalism and pop culture content.
Data from CryptoQuant suggests that ultra-long-term Bitcoin holders are currently selling their assets, anticipating a stronger bull market ahead. According to IntoTheBlock, these long-term holders offloaded nearly $10 billion worth of Bitcoin in May 2024. Although the pace of selling slowed in June, with over 40,000 BTC sold, this activity has contributed to recent market fluctuations.
Bitcoin has encountered several challenges lately. Despite occasional rebounds, the price has struggled to surpass the $70,000 mark, which it briefly reached in March. Over the past month, Bitcoin has seen a 14% drop in value, falling from $71,000 to around $60,000. As of June 29, 2024, Bitcoin’s price is $60,845. At the beginning of June, it was approximately $67,719, and it peaked at over $71,000 on June 5. However, since then, the price has weakened, showing long red candlesticks on June 7, 11, 13, 18, and 24. This week, the price has fluctuated between $60,000 and $61,800. The 30-day change is -10.1%, the 7-day change is -5.4%, and the 24-hour change is -1.0%.
In conclusion, Portnoy’s plan to buy a significant amount of Bitcoin if its price drops below $50,000 highlights his long-term confidence in the cryptocurrency. This potential investment move could signal a major shift in the market, especially if Bitcoin continues to face downward pressure. As crypto investors like Portnoy prepare for possible dips, the cryptocurrency market remains unpredictable.
Stay tuned to Coinpedia for the latest updates on the Bitcoin price movements.
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