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

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.

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."

If #Bitcoin hits 25K people say it’s going to 50K if #BTC drops down to 22K people say its going to 10K. In sum, people have no idea. Who knows, maybe it goes to 10K and then 50K and everyone will be right. https://t.co/BFPu0Qweau

— John E Deaton (@JohnEDeaton1) February 22, 2023

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.

#Bitcoin | The TD presents a buy signal on the 4hr chart at a key support level!

If the 100 EMA at $23,400 can hold, $BTC could rebound to regain the 50 EMA at $24,200 as support and resume the uptrend. ⚠️ Failing to hold above the 100 EMA can result in a dip to $22,700. pic.twitter.com/5dC3MybSsd

— Ali (@ali_charts) February 22, 2023

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.