Popular Bitcoin supporter Samson Mow has revealed what could be the next Bitcoin price trigger as the cryptocurrency continues to trade just below its all-time high. Bitcoin Maximalist and recently identified a “Godzilla candle” potentially forming on Bitcoin price charts that would undoubtedly send the cryptocurrency climbing to recent highs. His catalyst for a bullish projection, it is surprising that GameStop is adding Bitcoin to its treasury.
Bullish case for Bitcoin
Bitcoin he is no stranger to price increases resulting from institutional adoption by enormous established companies. As Bitcoin adoption increases and interest in cryptocurrencies increases, several factors could push the BTC price sky high and lead to an raise in the “Godzilla candle”.
According to Mow, gaming retailer GameStop’s adoption is next on the list of these factors. GameStop is also no stranger to engaging market movements. As a result of the tiny session in January 2021, the company’s shares increased more than 30 times at the end of the month.
Huge players as Micro-strategy, Tesla and Square have already listed Bitcoin on their balance sheets. GameStop is already on the extensive list of companies accepting Bitcoin payments. Mow, however, believes there would be a better effect if GameStop announced it was adding Bitcoin to its corporate treasury. As a popular stock among younger investors, GameStop has the potential to introduce the cryptocurrency to a expansive recent audience, which could send Bitcoin prices soaring.
BTCUSD trading at $69,372 on the weekly chart: TradingView.com
According to his tweet on the social media platform, X Mow believes that the bullish forecast cuts both ways if GameStop invests in Bitcoin. “Both $GME and $BTC will see Godzilla candles immediately,” Mow said. This was likely related to the recent decline in GameStop shares following the company’s decline financial reports revealed a loss of $32.3 million in the first quarter of 2024. The revelation caused the company’s stock price to fall by more than 39% on Friday.
The double bullish thesis sounds @GameStop he adds #Bitcoin to your company treasury. Both $GME AND $BTC I will see Godzilla’s candles immediately. pic.twitter.com/VAaXIxBty4
— Samson Mow (@Excellion) June 7, 2024
What’s next for Bitcoin?
At the time of writing, Bitcoin is trading at $69,310 after spending most of the previous week trading slightly above $70,000. This is due to a change in bullish investor sentiment based on on-chain data revealing Over $1.57 billion in BTC was withdrawn from cryptocurrency exchanges in a week.
GameStop’s bullish Bitcoin thesis was also bullish recently repeated by financier Anthony Scaramucci on social media platform X. Overall, while a Godzilla candle would likely lead to short-term volatility, it paves the way for Bitcoin to reach a recent plateau of stability with higher price levels above the current all-time high.
Featured image from IGN, chart from TradingView
