Hey there, crypto enthusiasts! Today, Bitcoin's price took a slight dip below the $120,000 mark, landing at $119,768. This movement follows a rollercoaster ride of ups and downs as we kick off October on a bullish note.
Analysts are buzzing about the market entering what they call the "euphoria phase" of this current bullish cycle, suggesting exciting times ahead.
Bitcoin's Momentum and Future Projection
Bitcoin's Late-Stage Surge
Even though we've seen a brief slowdown, experts using data frameworks like the Bitcoin "Cycle Master" model believe the uptrend is far from over. This model indicates that we might be heading towards a late-stage rally, typically characterized by sharp price surges followed by corrections.
- The Cycle Master model segments bitcoin's price range into undervalued, fair value, and overvalued zones, hinting at a possible peak near $180,000.
Economic Factors Impacting Bitcoin
Amidst all the excitement, let's not forget the macroeconomic landscape. The recent Federal Reserve minutes hint at potential rate cuts, adding to the mix of factors influencing Bitcoin's trajectory.
- The U.S. government shutdown and shifts in the U.S. dollar's strength play a part in shaping the narrative around Bitcoin's price movements.
With Bitcoin's current price stability around $120,000 and volatility showing signs of calming down, traders are eagerly anticipating the next surge upwards while keeping an eye out for signals indicating a shift in market sentiment.
As we move forward, keep an eye on the $180,000–$200,000 range as Bitcoin navigates through this euphoric phase. Stay tuned for more updates and happy trading!
Frequently Asked Questions
What kind of IRA can you use to hold precious metals in?
Many financial institutions and employers offer an individual retirement account (IRA) as an investment option. Through an IRA, you may contribute money to an account that grows tax-deferred until withdrawn.
An IRA allows for you to save taxes while still paying taxes when you retire. This means more money deposited into your retirement plan today versus having to pay taxes on that money tomorrow.
An IRA's beauty is that earnings and contributions grow tax-free up to the time you withdraw them. You can face penalties if you withdraw funds before the deadline.
After 50 you can still make contributions to your IRA. There is no penalty. If you choose to take withdrawals from your IRA during retirement, you'll owe income taxes and a 10% federal penalty.
Withdrawals made before age 59 1/2 are subject to a 5% IRS penalty. Between the ages of 591/2 and 70 1/2, withdrawals are subject to a 3.4% IRS penal.
An IRS penalty of 6.2% applies to withdrawals above $10,000 per year.
Which type or type of IRA would be best?
The most important thing when choosing an IRA for you is to find one that fits within your goals and lifestyle. You need to decide whether you want to maximize tax deduction on your contributions, minimize taxes now but pay penalties later, and if you just want to avoid taxes.
The Roth option can be a smart choice if your retirement savings are limited and you don't have any other investments. It's also worth considering if your plan is to work after the age of 59 1/2.
The traditional IRA is better if you want to retire earlier because you will likely owe tax on your earnings. If you are going to be working beyond 65 years old, the traditional IRA may make more sense because you can withdraw all or part of your earnings without having to pay taxes.
What is a Precious Metal IRA?
Precious Metals are a great way to invest in retirement funds. Precious metals have been around since Biblical times and still hold their value today. Investing in precious metals such as gold, silver, and platinum is also a great way to diversify your portfolio and protect against inflation.
Many countries also permit citizens to store money in foreign currencies. You can buy gold bars in Canada, and then keep them at the home. Then, when you go back to visit family, you can sell those same gold bars for Canadian dollars.
This is an easy way to invest precious metals. It's especially useful if you live outside of North America.
What are the three types?
There are three basic types of IRAs. Each type has its advantages and limitations. Each one will be discussed below.
Traditional Individual Retirement Account (IRA).
A traditional IRA allows pre-tax money to be contributed to an account. This allows you to earn interest and defer taxes. Withdrawals from this account are exempted from tax once you have retired.
Roth IRA
Roth IRAs allow you to deposit after-tax dollars into an account. This allows earnings to grow tax-free. Withdrawals from the account are also tax-free when you withdraw funds for retirement purposes.
SEP IRA
This is similar with a Roth IRA, but employees are required to make additional contributions. The additional contributions are taxed but earnings remain tax-deferred. When you leave the company the whole amount may be converted to a Roth IRA.
Statistics
- Silver must be 99.9% pure • (forbes.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal so that you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- The IRS also allows American Eagle coins, even though they do not meet gold's 99.5% purity standard. (forbes.com)
- The maximum yearly contribution to an individual's IRAs is currently $6,000 ($7,000 for those 50 years or older), or 100% of earned income, whichever is less. (monex.com)
External Links
kitco.com
en.wikipedia.org
regalassets.com
wsj.com
How To
How to turn your IRA into a IRA with gold content
You want to convert your retirement savings from a traditional IRA to a gold IRA. This article can help you do exactly that. Here are the steps to help you make the change.
The process of transferring money out of one type of IRA (traditional) and into another (gold) is called “rolling over.” This is done because tax advantages go along with rolling over an account. Some people also prefer to invest in physical assets such as precious metals.
There are two types of IRAs — Traditional IRAs and Roth IRAs. The difference between the two accounts is simple. Roth IRAs have no tax deductions, but Traditional IRAs can deduct taxes. This means that if you have $5,000 invested in a Traditional IRA, you will only be able take out $4850 after five years. The Roth IRA would allow you to keep every cent if you invested the same amount.
If you are looking to convert your traditional IRA into a gold IRA, here's what to know.
You must first decide whether you want to transfer funds from one account to another or roll over your current balance to a new account. Transferring money will result in income tax being paid at the normal rate for earnings greater than $10,000. However, if your IRA is rolled over, these earnings will not be subjected to income tax until age 59 1/2.
Once you have decided to open a new bank account, You will likely need to show proof of identity, such as a passport, Social Security card, or birth certificate. Once you are done, you will fill out paperwork proving ownership of your IRA. After you have completed the forms, submit them to your bank. After verifying your identity, they will give you instructions about where to send wire transfers or checks.
This is the fun part. You'll deposit cash into your new account and wait for the IRS to approve your requests. After approval is granted, you will receive a letter saying that you are now allowed to withdraw funds.
That's it! Now you can just sit back and enjoy the growth of your money. If you decide to convert your IRA you can close it and transfer the remaining balance into a different IRA.
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By: Micah Zimmerman
Title: Bitcoin Price Dips Below $120,000: Market in ‘Euphoria Phase' Eyeing $180K Peak
Sourced From: bitcoinmagazine.com/markets/bitcoin-price-slumps-analysts-eye-180k
Published Date: Thu, 09 Oct 2025 17:26:51 +0000
