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BTC Social media influencer and investor Carl Runefelt is known on the Internet for publishing cryptocurrency-related content and showcasing his luxurious lifestyle.
Known online as "The Moon", he claimed to have dropped out of high school, worked as a supermarket cashier in Sweden, and later invested in Bitcoin (BTC). He attributes most of his wealth to cryptocurrency investments and other business ventures.
On July 24, Runefelt revealed in his podcast "The Moon Show" that he sold two Ferraris worth a total of $2.5 million to purchase Bitcoin. The cryptocurrency influencer said the leading cryptocurrency is entering the "most reliable" signaling phase of the cycle.
He pointed to Bitcoin's 200-week moving average (MA), saying the current correction provides an opportunity to accumulate more Bitcoin. He cited several precedents in which Bitcoin prices surged after trading near the 200-week moving average.
For example, during the panic selling during the COVID-19 epidemic in March 2020, Bitcoin fell below $4000, but more than a year later, in April 2021, it reached $64,860.
Although many traders open large positions at one time, the investor said he placed multiple limit orders in the support area to build an average entry price to buy Bitcoin.
At the same time, Runefeldt warned against establishing highly leveraged Bitcoin positions around such long-term indicators, as the cryptocurrency is likely to fall below support before the price reverses.
A sharp decline in Bitcoin prices could trigger stop-loss orders, forcing leveraged traders to sell, especially if the price falls below the 200-week moving average. This often happens before the market rebounds.
As of writing, Bitcoin was trading at US$64,410.
