David Portnoy, an entrepreneur and influencer, has shared his plans on buying more Bitcoin, when the price is right.

In a video posted on his X account, he revealed the price level at which he’d be ready to buy more BTC. 

As a long-term holder, Portnoy doesn’t see any reason in buying at $60,000–61,000 price level. If the price drops below $50,000, Portnoy plans to buy $5–10 million in Bitcoin. 

According to the data provided by CryptoQuant, ultra-long term holders are currently selling Bitcoin. Anticipating a stronger bull market, they don’t see any reason to stay in the asset, as BTC price declines.

According to IntoTheBlock, long-term Bitcoin (BTC) holders have sold off approximately $10 billion worth of BTC in May 2024. The pace, however, slowed down in June, with over 40,000 BTC sold by holders. 

This past week Bitcoin faced some major challenges. Just two days before the end of Q1, the cryptocurrency couldn't break the resistance level and dropped below $60,000.

Despite the current rebound, BTC price struggles to climb back above $70k level, which it tested in March for the first time.  In June, Bitcoin lost 14% in its value, dropping from $71,000 to around $60,000.