Technical analysis by Calzolaio about Symbol BTC: Buy recommendation (10/14/2024)

Good morning, Frens! Like many of you, I had high hopes for a strong start to Uptober, expecting a surge akin to last year's market excitement. But as a wise friend once reminded me, "Hope is not a strategy." Despite the quieter-than-expected price action, I remain resolutely bullish. Here’s why.Bitcoin's maturation continues, and the value tied to it remains substantial, even if recent returns have been underwhelming. Hedge funds and market makers are actively taking both sides of the trade, creating a tug of war that may not immediately reflect the asset's inherent strength.1. Liquidation Heatmap Signals a Coming Short SqueezeLooking at the Coinglass Liquidation Heatmap, we can see a significant amount of liquidity on both sides of the trade. Eventually, this tension will break, and in my view, a massive short squeeze is inevitable. With Bitcoin's limited supply and increasing adoption, it's only a matter of time before one side prevails, driving a substantial price move upward.2. Uptober’s Liquidity SetupFocusing on the last two weeks (from October 1st onward), the data shows a great deal of untapped shorts above the current price levels. As we know, when the majority seems confident in one direction, they’re often wrong. Many bears are sitting confidently on their shorts around 65K. However, this complacency may soon turn to panic when the price action reverses, triggering a rush to cover positions.The global liquidity index continues to trend upward on the weekly chart, which signals future bullish momentum. Buyers have consistently stepped in around the 60K level, preventing any significant price drop. This behavior has led to a series of higher weekly lows, painting a bullish picture as we approach the second half of October. The latest weekly candle is particularly encouraging, with a long wick on the bottom showing strong buyer support.3. Sine-Wave Analysis and Market TimingAs I discussed in my recent article, *"Bitcoin’s Bull Run Is Closer Than You Think,"* and expanded upon in my YouTube video, “Timing the Bitcoin Market,” the sine-wave analysis suggests we are nearing a crucial turning point. This cyclic pattern reinforces my view that Bitcoin is poised for a significant move before the end of the year. The potential for Q4 to be a game-changer remains high.4. Upcoming Federal Reserve Rate CutsAnother crucial factor to consider is the Federal Reserve's upcoming decision in November, with expectations of a rate cut between 450-475bps. There's even a smaller chance of a more aggressive cut of 475-500bps. A reduction in rates typically fuels global liquidity, making capital cheaper and further incentivizing risk-on assets like Bitcoin. This shift in monetary policy should inject more optimism into the market, adding another layer of bullish potential.5. Heikin Ashi Candles Show PromiseFinally, let's turn to the Heikin Ashi candles on the monthly chart. These candles are great for identifying trend changes, and despite being slightly below September’s close on a standard candle, October is printing green on the Heikin Ashi. This signals potential momentum for a broader rally, indicating that Uptober may still come through with significant price movement.In Closing: A Bullish Outlook Despite the LullWhile market stagnation can shake weaker hands, those with a disciplined, long-term view remain confident in their strategy. Bitcoin’s fundamentals are stronger than ever, and the technical indicators I’ve shared today suggest we are on the cusp of a significant move upward. Remember, this journey is not about short-term gains but about a measured, strategic approach to financial independence.As always, I encourage you to conduct your own research, stay disciplined, and remain adaptable to evolving market conditions. The coming weeks may still surprise us, and I remain bullish on Bitcoin’s long-term potential. Stay the course, and let’s continue this journey toward maximizing gains and managing risk together.Stay confident, stay resilient, and stay bullish.BITCOIN Indicator Update - Risk AnalysisFear and Greed: Neutral, this can be a Bullish sign as neither side, Bulls or Bears are in control.Risk: 0, still nothing to worry about, lets send the price higher!Accumulation and Distribution: Accumulation (BullishPUELL Multiple: 1 (Bullish)BB%: .52 (Bullish Backtest)Hash Ribbons: Trending higher, with some miner Capitulation, (Neutral) I want to keep an eye on this and watch the Grey moving average, It is still pointed up. This happened last cycle where we had a miner capitulation right before the last major leg upward, as the price to produce was too high, and Bitcoin’s price was lagging, which led to capitulation until the price exploded higherMayer Multiple: 2 (Neutral) Typically this would be considered Bullish, but I want to see how things play out. 2 Can also be a time to Take Profit. I’ll monitor this more