Bitcoin and October go hand in hand!

Bitcoin kicks off in early October and attempts to break through the $28,000 barrier.

Oct 02, 2023

Welcome to MrGekkoWallSt's virtual office!

This is issue number 04 of my newsletter! Here, I organize and share my insights on the market, technical analysis, education, experiences, reflections, and the most relevant news of the period.

I really enjoy it when I make discoveries that have the power to immediately change my life. Becoming aware of something revolutionary is one of the most intense pleasures there are.

For example, have you ever heard of the hero's journey? If not, today's reflection is one of those where you enter as one person and come out as another at the end. So, it's at your own risk to continue this story here with me.

Having properly assessed the risks, let's begin!

The hero's journey, also known as the monomyth or the "hero of a thousand faces," is a narrative concept developed by the mythologist and writer Joseph Campbell in his book "The Hero with a Thousand Faces," published in 1949.

This structure is widely used as a foundation in literary and cinematic works. The scheme is divided into three parts as follows:

Departure: The hero (protagonist) aspires to begin their journey.
Initiation: The development of the hero's journey, their adventures, and discoveries along the path they tread.
Return: The narrative's moment (or script) where the hero returns to the starting point with the powers and knowledge they gained on their journey.

This concept describes a recurring pattern in many mythological, religious, and literary stories worldwide, describing the transformational journey of a hero throughout their adventure.

Throughout our lives, we will receive various calls. One of them is Bitcoin and the cryptographic world, which have many similarities to the hero's journey.

This structure consists of stages that may vary in details from one story to another, but generally include the following main elements:

Relate your story to Bitcoin and the hero's journey:

You begin in the ordinary world, and at some point, you receive the call to adventure, which originates from a sense of purpose, problem, curiosity, or other factors. At this stage, various objections arise that push you away from it. Nevertheless, the call still persists within you.

One day, someone unexpectedly appears and teaches you various things about the subject, which in your perception makes perfect sense. This character is then seen as a mentor who awakens in you the need to accept the call.

In the next phase, the crossing of the threshold occurs. It's the moment when you leave the familiar behind and head into the unknown, the break from ordinary life and the definitive embarkation on the adventure.

There's no turning back; the feeling indicates that you must go all the way. You are now the hero of the story!

The journey isn't easy; tests, allies, and enemies emerge. The hero is exposed to situations where his strength is put to the test, stripped of all his vanities and certainties built by his ego.

All the skills acquired in his life are of no use ahead; he must rediscover his abilities and regain self-confidence.

As daunting as this journey may be, the moment the hero crosses the threshold and aligns his will with his calling, destiny and luck land upon him. The right circumstances and lessons aid the hero when he needs them most.

No hero's journey is solitary. People who have walked the same path appear. It's time to trust, open up, share your mission, and stay attentive to the signs because destiny's hand is by the hero's side.

At some point in this phase, the hero realizes that all the strength he needs lies dormant within him. He must delve deep and reclaim that power, whose symbol represents his virtues and the most meaningful things in his life.

Finally, the time comes to confront the core of the problem, the big enemy or hidden force. To the hero's astonishment, the villain knows everything about him, knows the dark details of his life and emotions, using it to weaken him.

The hero must confront repressed realities he hasn't yet learned to deal with. The truth hurts, but it also sets him free. He must be reborn even stronger and overcome all obstacles that now seem smaller than before.

In the end, the hero wins the final battle, passes the ultimate test, and, consequently, receives a great reward, preparing to return to the starting point, ordinary life.

However, the hero is no longer the same person. He knows both worlds, unraveled their mysteries, and won his battles. Now, he returns triumphant to change the simple life he led in the past.

Upon returning to everyday life, when he least expects it, a new call for a greater and more grand adventure arises. The hero then realizes that the previous adventure was just a step on the ladder, a preparation for an even greater purpose.

This is the life of a hero, with which many cryptocurrency investors can identify.

In today's newsletter, I will cover:

Bitcoin statistics for the month of October.
In-depth analysis of the total market capitalization chart of altcoins.
The significance of understanding Bitcoin's movement as a cyclical journey.
The most relevant news of the week.

Bitcoin

In the table below, since the year 2013, Bitcoin has shown a negative trend in the month of September. However, in 2023, this phenomenon was different, with an increase of 3.99% in its value.
Conversely, October tends to be one of the best months of the year; in the last 10 years, eight of them were positive.
In 2015 (+2.52%) and 2016 (+5.94%), were the only years when Bitcoin had a positive trend in September. On both of these occasions, Bitcoin also achieved excellent returns in October and the following months, closing the year with incredible highs.

In the 1st edition, I highlighted that the historical seasonality of October, November, and December, both in the traditional market and in Bitcoin, could be gearing up for promising returns ahead.
Therefore, it's important to keep an eye out for a potential continuation of the upward trend in the asset. Only time will tell whether this will happen or not.
If new highs are reached in 2023, it might be an indication of a change in phase in its "investor hero's journey."
It's important to emphasize that Bitcoin likely won't follow the same pattern as from 2013 to 2017. What matters to us is the direction.
To learn more, check out this October statistics post on my website: https://www.gekkowallstreet.com/2023/10/bitcoin-earnings-history-in-october.html

To better understand my perspective, you should visit previous posts and continue following them in sequence. Subscribe to stay updated.

Bitcoin ETFs

The deadlines for approvals or rejections of Bitcoin ETF applications are once again approaching for the SEC, as per the calendar published by Bloomberg on August 28, 2023.

In the next issue, I’ll discuss ETFs. Stay tuned for the journey.

Relevant News:

Macroeconomy:

Cryptocurrencies:

Disclaimer: This is a newsletter where I publish my unbiased analyses and thoughts that should not be taken as advice or recommendation. I do not provide financial recommendations for buying, selling, or holding assets, and I do not promise quick wealth. You should conduct your own analysis and decision-making. I believe that knowledge is the key to the financial market, and I am committed to sharing insights that may help you see the market from different angles. If you're not already following this newsletter, consider subscribing. Every week, I share my analyses, experiences, and the most relevant news of the week. Let's investigate the fundamentals, charts, and gain the most valuable insights from the financial market!