Social media influencer and investor Carl Runefelt is best known on the internet for posting crypto-focused content and showcasing his lavish lifestyle. Known online as "The Moon," he claims
Social media influencer and investor Carl Runefelt is best known on the internet for posting crypto-focused content and showcasing his lavish lifestyle.
Known online as "The Moon," he claims he dropped out of high school and worked as a supermarket cashier in Sweden before investing in Bitcoin (BTC). He attributes much of his wealth to crypto investments and other business ventures.
On July 24, Runefelt revealed on his The Moon Show podcast that he sold two Ferraris worth a total of $2.5 million to buy Bitcoin. The crypto influencer said the leading cryptocurrency is entering the "most reliable" signal in the cycle.
Pointing to Bitcoin's 200-week moving average (MA), he said the current dip offers an opportunity to accumulate more Bitcoin. He gave several previous instances when Bitcoin traded around the 200-week MA before its price surged significantly.
For instance, Bitcoin fell below $4,000 during the coronavirus pandemic panic selling in March 2020, but it reached $64,860 more than a year later in April 2021.
While several traders buy a large position at once, the investor said he has placed multiple limit orders throughout the support zone to build an average entry to buy Bitcoin.
At the same time, Runefelt warned against taking highly leveraged Bitcoin positions around such long-term indicators as the cryptocurrency can very well decline below the support level before its price action reverses.
A sharp drop in Bitcoin's price can trigger stop-loss orders and force leveraged traders to sell, especially if the price falls below the 200-week moving average. This often happens just before the market rebounds.
BTC/USD, Source: DecibelBitcoin was trading at $64,410 at the time of writing as per Decibel.
