Elon Musk announced that Twitter would ask for $20 per month to maintain the blue tick on the verified accounts. Besides that, he will introduce new verification models to strengthen the process. He has already started the ‘War Room’ to assess Twitter’s internal working process and renovate it for further development. He exclaimed that there were ten managers over one developer in the office!
Market experts speculate that Elon Musk will introduce Bitcoin as a payment gateway for Twitter, which can be the first step towards adapting to a decentralized model. This decision may change the social media ecosystem for the long term, and later Facebook and Instagram can ask for similar payments for verified accounts.
Many retail investors are still worried because Bitcoin runs on a Proof of Work consensus, which is not energy efficient like Ethereum, which runs on a Proof of Stake consensus. They worry that BTC may lose its significance in the future, but there is a positive sentiment in the market, and experts also believe that it will replace gold as a digital asset, which is also difficult to mine.
Overall, we think Elon Musk’s decision on Twitter will influence the price of Bitcoin, Ethereum, and Dogecoin because of many speculations and rumors in the market, so you should add these tokens to your watch list and accumulate some coins for the long term. If you are interested in investing in BTC, read our price analysis for detailed information.
At the time of writing, BTC was trading around $20,480. On the daily chart, $19K is strong support of Bitcoin, and candlesticks are forming in the upper range of the Bollinger Bands. Most technical indicators are bullish, which suggests a positive momentum, at least for the next few weeks, but $21,500 is a strong resistance.
Bitcoin will face the above-mentioned resistance and come back to support, which can be a good time to invest for the short term or accumulate the coin for the long term. Indeed, BTC might break that level due to uncertainty in the global market, so you have to maintain a strict stop loss.
On the weekly chart, candlesticks are forming lower lows and lower highs. After a bullish engulfing candle, Bitcoin is forming a red candle this week in the lower BB, which suggests bearishness for the long term.
BTC might hit $10K, so you may wait for $10k. Before that, you can accumulate the coin at any stage because Bitcoin is a popular cryptocurrency, and it may replace gold as a digital asset.
Definitely, it is a good time to buy for the long term, but if it breaks the support of $19K, you will get a better opportunity to buy or accumulate the coin for the long term.
