The Impact of Jack Dorsey – Elon Musk’s Talk On BTC & DOGE Cryptos

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On Thursday, Twitter and Square CEO Jack Dorsey launched an event dubbed “The B Word,” which, according to its website, would seek to persuade businesses and institutional investors to embrace Bitcoin. Dorsey and Cathie Wood of ARK Invest were slated to speak at the event on July 21.

Elon Musk, the CEO of Tesla and SpaceX, replied to Dorsey’s post and offered to speak with him about Bitcoin. Elon is the only person who has accumulated enough ability to influence markets with a single tweet. With over 55 million followers, the celebrity CEO actually disturbs the market whenever he tweets on the crypto market. His foray into the crypto world took a serious turn when he began tweeting about Bitcoin. Musk was once one of the most powerful figures in the crypto arena, and he rose to a position where he could effectively influence the market.

Musk subsequently abandoned Bitcoin crypto owing to its environmental danger and began pushing DogeCoin. This served as a turning moment for the crypto economy, with markets seeing a drastic fall as a result. On the other hand, Jack Dorsey – the CEO of Twitter and other businesses such as Square has been a Bitcoin enthusiast from the very beginning. It is to an extent where his Twitter bio just says ‘Bitcoin.’

Given that we now know the preferences of these two prominent speakers let us understand what this could mean for the market and each of their favorite coins. 

Bitcoin Price analysis

Numerous cryptocurrencies had a forgettable week, but ironically, it was memorable for Bitcoin. Even though it is memorable, it is not necessarily a positive one. Last week Bitcoin saw what analysts are calling the ‘largest bid ever.’ Although various reasons caused it, one main factor which affected the financial markets was: the fear of the new Covid Delta variant.

After weeks of stabilization, BTC token finally broke out of the $30k-$42K trading zone, despite decreasing attention and volume. The most valuable crypto – BTC fell below the $30K mark earlier today.

BTC’s price was trading inside a bearish triangle pattern before the collapse, with the triangle’s floor at $31,100. It was nearing the apex e, which is usually where a breakout occurs. Yesterday, the currency fell and broke through the triangle, marking its lowest daily candle close since January 2021.

The negative sentiment persisted even after Bitcoin fell below the $30K level. On June 22, the previous time this occurred, Bitcoin recovered the $30K level and closed above $31K. However, this time the situation may be different. BTC also fell below the descending price channel it has been trading inside since the beginning of July on the next 4-hour chart due to the collapse below $30K.

However, today’s markets reacted quite differently. We could tell that this was a much-anticipated occasion since there were many rumors that each of these entrepreneurs will promote their favorite cryptocurrency. From the start of the day, markets were optimistic. BTC consistently set new highs throughout the market’s early trading hours. This sight would have brought great comfort to HODLers and bulls. Bitcoin broke clear of the 50-day moving average today with a large bullish candle.

We can see the contrast in the value of Bitcoin today and yesterday, and we can see how these speculations could seriously have impacted the market. 

Where could it go from here?

As previously said, the majority of what happens to this currency tomorrow is dependent on this discussion. Musk’s capacity to affect the markets has already been demonstrated before. Therefore, if an announcement is made regarding Tesla adopting Bitcoin once again, the crypto market, mainly BTC, may return to its former glory. However, if the debate devolves into Musk attempting to promote DOGE and give the same viewpoint on BTC, it may jeopardize the Bitcoin market. With Bitcoin, this may potentially have a ripple effect on the whole crypto market.

Dogecoin price analysis

Dogecoin’s price is reviving as the rest of the cryptocurrency market recovers from this week’s losses. DOGE has gained more than 10% in the last 24 hours and is now trading at $0.2. This increase increases the company’s overall market capitalization to more than $23 billion. Today, the Dogecoin price is increasing as investors respond to the general recovery in other assets. With the Dow Jones gaining more than 500 points on Tuesday and the futures market adding 200 points today, Stocks have climbed.

It is also evident that the speculation about the meeting has worked its Musk’sits wonders, and the price was just rallying into new upper circuits. 

Where could DOGE go from here?

The four-hour chart demonstrates that the DOGE token price has performed well over the last 24 hours. The discussion that will take place today will have a major impact on the pricing. Additionally, the currency seems to be climbing above its 50-period moving average.

As a result, although it is too early to say, there is a chance that the coin’s price will continue to rise with its next major resistance level being at $0.25. A break below the double bottom at $0.16 will, however, invalidate this trend.

Conclusion

Both currencies’ markets have been strong in the early sessions today, and we may offer significant credit to today’s conjecture regarding this discussion. Therefore, if there is any shocker, a positive one, such as Tesla or SpaceX adopting either BTC or DogeCoin (DOGE), the prices will undoubtedly rise. If not so, the markets will let the buyers and sellers decide the price. 

You can instantly buy Bitcoin (BTC) or DogeCoin and all of your favorite cryptocurrencies from our list of reputed crypto exchanges. Do consider checking them out. All the best! 

Investment Disclaimer

This article is purely for educational purposes, and this doesn’t include any investment advice. Readers are requested to do their research before they consider investing.

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