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Bitcoin is good as long as it stays above $49,000: analyst

Despite Bitcoin’s 13% drop last week, which saw it break below the psychological $60,000 level and fall 20% from its all-time highs, one X analyst remains resolute.

According to the weekly chart, the trader maintains a bullish outlook and says that the coin will shake off weakness in the next session. This lines up with the bulls for most of Q4 2023 and Q1 2024.

Bitcoin falls and loses $60,000

Bitcoin is under intense sell-off pressure, fighting the onslaught of sellers. Earlier today, BTC broke below $60,000, melting below its April 2024 lows.

This dump confirmed the bears from April 13, indicating a possible start of a bearish formation that could see BTC lose ground, paring February and March 2024 gains.

However, the analyst claims that the bullish trend will continue as long as Bitcoin stays above the $49,000-$52,000 support zone, absorbing all the selling pressure. This evaluation, based on the candle arrangement, can serve as collateral for BTC holders. The trader claims that, despite the sell-off, panic at this time is not justified.

Referring to the Elliott Wave Principle, a technical analysis indicator, the analyst highlights that the currency is simply on pause. For those with a more aggressive trading strategy, the decline, ideally towards the upper support zone, could represent an opportunity to buy dips in anticipation of Wave 5.

Currently, the analyst notes that Bitcoin is in Wave 4, a stage that will take approximately the same time as Wave 2. Prices then fell after a brief rally, peaking in May 2023. However, the Prices rose in Wave 3, pushing prices below $30,000. . to new all-time highs, reaching $73,800.

The decline from all-time highs in spot rates, if the Elliot wave theory is analyzed, could indicate that prices are in the fourth wave before the eventual rise, which will end in the fifth wave.

What is next? Will BTC surpass $100,000 in the fifth wave?

Even so, it is still unknown when BTC will go from bottom to top. As things stand, the analyst said traders should watch two exponential moving averages (EMAs) of the 21 and 50 periods. A retest of these dynamic levels could offer support, preparing traders to buy dips in anticipation of the Wave 5 final.

However, the analyst did not define the next possible target even on the chart. Still, if Wave 3 is roughly the same duration as Wave 5, Bitcoin will have a strong chance of breaking above $100,000 after the current volatile price action ends.

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How to make money with bitcoin investment online

Investing in Bitcoin can be lucrative, but it’s important to approach it with caution and understanding. Here’s a guide to making money with Bitcoin investments online:

  1. Educate Yourself: Before investing in Bitcoin or any other cryptocurrency, take the time to learn about how it works, the technology behind it (blockchain), its price volatility, and the risks involved. Understanding these fundamentals will help you make informed investment decisions.
  2. Choose a Reputable Exchange: Select a reputable cryptocurrency exchange to buy and sell Bitcoin. Look for exchanges with a good track record, strong security measures, and transparent fee structures.
  3. Create a Wallet: Set up a digital wallet to store your Bitcoin securely. There are different types of wallets, including hardware wallets, software wallets, and mobile wallets. Research and choose the one that best fits your needs and security preferences.
  4. Start with a Small Investment: Start with an amount you can afford to lose, especially if you’re new to Bitcoin investing. As you gain experience and confidence, you can consider increasing your investment over time.
  5. Diversify Your Portfolio: Consider diversifying your cryptocurrency investments beyond Bitcoin. There are thousands of other cryptocurrencies (altcoins) available, each with its own potential for growth and risk profile. Diversification can help mitigate risk.
  6. Stay Informed: Stay updated on market trends, news, and regulatory developments that may impact the price of Bitcoin. Being informed can help you make timely investment decisions and avoid potential pitfalls.
  7. Implement Risk Management Strategies: Set clear investment goals and risk management strategies. Consider setting stop-loss orders to limit potential losses and establish a plan for taking profits.
  8. Hodl or Trade: Decide whether you want to hodl (hold onto your Bitcoin long-term) or actively trade it for short-term gains. Hodling requires patience and conviction in the long-term potential of Bitcoin, while trading involves actively buying and selling based on price movements.
  9. Consider Dollar-Cost Averaging (DCA): DCA involves investing a fixed amount of money into Bitcoin at regular intervals, regardless of its price. This strategy can help smooth out price fluctuations and reduce the impact of market volatility.
  10. Be Prepared for Volatility: Bitcoin’s price can be highly volatile, with significant fluctuations in short periods. Be mentally prepared for price swings and avoid making impulsive decisions based on short-term market movements.
  11. Be Aware of Scams: Be cautious of scams and fraudulent schemes in the cryptocurrency space. Exercise due diligence before investing in any Bitcoin-related opportunity and beware of offers that sound too good to be true.
  12. Consider Tax Implications: Keep track of your Bitcoin transactions and be aware of the tax implications of buying, selling, and trading cryptocurrencies in your jurisdiction.

Remember that investing in Bitcoin carries inherent risks, and there are no guarantees of profits. Only invest what you can afford to lose, and consider consulting with a financial advisor before making investment decisions.

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How to start saving for retirement at 45 in Canada

Starting to save for retirement at 45 in Canada is still feasible, but it requires a proactive approach and potentially more aggressive saving and investing strategies compared to starting earlier. Here are steps you can take to begin saving for retirement at this stage:

  1. Assess Your Current Financial Situation: Take stock of your current financial situation, including income, expenses, assets, and liabilities. Understanding where you stand financially will help you determine how much you can afford to save for retirement.
  2. Set Clear Retirement Goals: Determine your retirement goals, including the age at which you’d like to retire and the lifestyle you envision during retirement. Knowing your goals will help you calculate how much you need to save.
  3. Create a Budget: Develop a budget that prioritizes saving for retirement. Allocate a portion of your income specifically for retirement savings. Look for areas where you can cut expenses or increase income to boost your retirement contributions.
  4. Maximize Retirement Accounts: Take advantage of tax-advantaged retirement accounts such as Registered Retirement Savings Plans (RRSPs) and Tax-Free Savings Accounts (TFSAs). Both accounts offer tax benefits that can help your savings grow faster. Consider contributing the maximum allowable amount to these accounts each year.
  5. Catch-Up Contributions: In Canada, individuals aged 50 and over are eligible to make catch-up contributions to their RRSPs. These contributions allow you to contribute more than the regular annual limit, helping you accelerate your retirement savings.
  6. Invest Wisely: Choose investments that align with your risk tolerance, time horizon, and retirement goals. While you may have a shorter time horizon compared to someone starting to save for retirement in their 20s or 30s, you still have time to benefit from long-term investment growth. Consider a diversified portfolio that includes a mix of stocks, bonds, and other assets.
  7. Consider Additional Income Streams: Explore opportunities to increase your income, such as taking on a side job or freelancing. Additional income can provide extra funds that you can allocate towards retirement savings.
  8. Seek Professional Advice: Consider consulting with a financial advisor who can help you develop a personalized retirement savings plan based on your goals, risk tolerance, and financial situation. An advisor can also provide guidance on investment strategies and tax planning.
  9. Stay Flexible: Be prepared to adjust your retirement savings plan as needed. Life circumstances and financial markets can change, so periodically review your plan and make adjustments as necessary.

Starting to save for retirement at 45 may require more aggressive saving and investing strategies, but it’s still possible to build a comfortable retirement nest egg with careful planning and disciplined saving habits.

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