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Bitcoin (BTC) May Hit $50,000, CryptoLaw Founder Believes, But There's a Catch

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Thu, 23/02/2023 - 12:16
Bitcoin (BTC) May Hit $50,000, CryptoLaw Founder Believes, But There's a Catch
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Founder of CryptoLaw.US and pro-Ripple crypto enthusiast John Deaton, has left a comment on a tweet, which says that Crypto Twitter is speculating whether the price of the flagship crypto, Bitcoin, is going to plunge to the $10,000 level.

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He tweeted that overall, people who are offhandedly making predictions about BTC rising to the $50,000 level or dropping to $10,000 basically have no idea what they are talking about. Deaton added that perhaps, to please both those who are bearish and bullish, Bitcoin may first drop to the $10,000 mark and then surge all the way to $50,000 after that and then "everyone will be right."

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Binance traders going long on Bitcoin

Crypto analyst Ali Martinez has shared several tweets about Bitcoin, showing a much smaller price target than $50,000.

Ali has spotted a buy signal on a four-hour chart a key level of support. He said that provided the 100 EMA remains at $23,000, then Bitcoin may jump higher, to the 50 EMA and the $24,200 level and will resume its uptrend after that.

The other scenario for the flagship cryptocurrency is dropping to $22,700 if BTC fails to stay above the 100 EMA. At the time of this writing, Bitcoin is changing hands at $24,247, according to CoinMarketCap.

In another tweet, the trader shared that at the moment, more than 60% of all trader accounts on the Binance exchange that have an open position on Bitcoin futures are going long.

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