By Scott Matherson, Bitcoinist.com, 2024-06-09
Popular Bitcoin supporter Samson Mow has revealed what might be the next trigger for the price of Bitcoin as the cryptocurrency continues to trade just below its all-time high. The Bitcoin Maximalist and recently identified a ‘Godzilla candle' potentially forming on Bitcoin's price charts, which undoubtedly would send the cryptocurrency surging to new highs. His catalyst for the bullish projection, surprisingly, is GameStop adding Bitcoin to its treasury.
Bullish Case For Bitcoin
Bitcoin is no stranger to price surges stemming from institutional adoption from big traditional companies.
With Bitcoin adoption increasing and more mainstream interest in crypto, several factors could drive the price of BTC sky-high and lead to that “Godzilla candle” rally.
According to Mow, adoption by retail gaming retailer GameStop is the next on the list of these factors. GameStop is also not a stranger to interesting market movement. A short-squeeze in January 2021 saw the company's shares surging over 30 times at the end of the month.
Big players like MicroStrategy, Tesla, and Square have already put Bitcoin on their balance sheets.
GameStop is already part of an extensive list of companies accepting payments in Bitcoin. However, Mow believes that a better effect would be felt if GameStop were to announce they're adding Bitcoin to their corporate treasury. As a popular stock among younger investors, GameStop has the potential to introduce cryptocurrency to a huge new audience which could send Bitcoin prices surging.
According to his tweet on social media platform X, Mow believes the bullish projection goes both ways if GameStop were to invest in Bitcoin. “Both $GME and $BTC will see Godzilla candles immediately,” Mow said. This was probably made in reference to the recent decline in GameStop shares after the company's financial reports revealed a $32.3 million loss in the first quarter of 2024. This revelation saw the company's share price falling over 39% on Friday.
What's Next For Bitcoin?
At the time of writing, Bitcoin is trading at $69,310 after spending a majority of last week trading a little above $70,000.
This comes off of a change into bullish investor sentiment, with on-chain data revealing over $1.57 billion worth of BTC withdrawn from crypto exchanges during the week.
GameStop‘s bullish Bitcoin thesis was also recently reiterated 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 new plateau of stability at a higher price level above its current all-time high.
Featured image from IGN, chart from TradingView
