Popular Bitcoin supporter Samson Mow has revealed what the next Bitcoin price trigger could be as the cryptocurrency continues to trade just below its all-time high. The Bitcoin Maximalist recently identified a “Godzilla candle” potentially forming on Bitcoin price charts, which would undoubtedly send the cryptocurrency into overdrive. reach new heights. Her catalyst because the bullish projection, surprisingly, is for GameStop to add Bitcoin to its treasury.
Bullish case for Bitcoin
Bitcoin is no stranger to price spikes resulting from institutional adoption by large traditional companies. With the growing adoption of Bitcoin and growing interest in crypto, several factors could push the price of BTC higher and lead to this “Godzilla Candle” rally.
According to Mow, adoption by retail gaming retailer GameStop is next on the list of these factors. GameStop is also no stranger to interesting market moves. A short squeeze in January 2021 saw the company’s shares rise more than 30 times by the end of the month.
Great players as MicroStrategy, Tesla and Square have already listed Bitcoin on their balance sheets. GameStop is already one of a long list of companies accepting Bitcoin payments. However, Mow believes that a better effect would be felt if GameStop announced the addition of Bitcoin to its company’s treasury. As a popular stock among younger investors, GameStop has the potential to introduce the cryptocurrency to a considerable new audience, which could drive Bitcoin prices higher.
BTCUSD trading at $69,372 on the weekly chart: TradingView.com
According to his tweet on social media platform X, Mow believes the bullish projection would go both ways if GameStop invested in Bitcoin. “$GME and $BTC will see Godzilla candles immediately,” Mow said. This was likely made in reference to the recent drop in GameStop shares following the financial reports revealed a loss of $32.3 million in the first quarter of 2024. The revelation saw the company’s stock price fall more than 39% on Friday.
The double bullish thesis is @GameStop adds #Bitcoin to its corporate treasury. Both $GME And $BTC will immediately see the Godzilla candles. 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 last week. trading a little above $70,000. This stems from a shift in bullish investor sentiment, with on-chain data developer over $1.57 billion in BTC withdrawn from crypto exchanges during the week.
GameStop’s bullish thesis on Bitcoin was also recently reiterated by financier Anthony Scaramucci on social media platform higher than its current record level.
Featured image from IGN, chart from TradingView
