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. The bitcoin maximalist recently identified a 'Godzilla candle' that could form on bitcoin price charts, which would certainly send the cryptocurrency bitcoin-news/bitcoin-etfs-witness-18-straight-days-of-inflows-options-traders-eye-100000/” target=”_blank” rel=”noopener nofollow”>reaching new highs. His bitcoin/bitcoin-global-liquidity-100/” target=”_blank” rel=”noopener nofollow”>Catalyst For the bullish projection, surprisingly, GameStop is adding bitcoin to its treasury.
Bullish case for bitcoin
bitcoin is no stranger to price increases resulting from institutional adoption by large traditional companies. With rising bitcoin adoption and greater widespread interest in cryptocurrencies, several factors could send the price of btc through the roof and lead to that “Godzilla candle” rally.
According to Mow, adoption by gaming retailer GameStop is next on the list of these factors. GameStop is also no stranger to interesting market movements. A brief squeeze in January 2021 saw the company's shares rise 30-fold by the end of the month.
Great players as Microstrategy, Tesla and Square have already included bitcoin on their balance sheets. GameStop is already part of an extensive list of companies that accept payments in bitcoin. However, Mow believes that a better effect would be felt if GameStop announced that they were adding bitcoin to their corporate treasury. As a popular stock among younger investors, GameStop has the potential to introduce cryptocurrencies to a huge new audience, which could drive up bitcoin prices.
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BTCUSD trading at $69,372 on the weekly chart: TradingView.com
According to his tweet on social media platform x, Mow believes that the bullish projection would go both ways if GameStop were to invest in bitcoin. “Both $GME and $btc will see Godzilla candles immediately,” Mow said. This was likely done in reference to the recent drop in GameStop stock after the company financial reports revealed a loss of $32.3 million in the first quarter of 2024. This disclosure caused the company's stock price to fall more than 39% on Friday.
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The double bullish thesis is twitter.com/GameStop?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>@GameStop add twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>#bitcoin to your corporate treasury. Both twitter.com/search?q=%24GME&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>$GME and twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>$btc You will see Godzilla's sails immediately. pic.twitter.com/VAaXIxBty4
– Samson Mow (@Excellion) twitter.com/Excellion/status/1799205193781010449?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>June 7, 2024
What's next for bitcoin?
At the time of writing, bitcoin is trading at $69,310 after spending most of last week. bitcoin/bitcoin-stubborn-stand-below-100k-whats-holding-it-back/” target=”_blank” rel=”noopener nofollow”>negotiating a little over $70,000. This is due to a shift towards bullish investor sentiment, with on-chain data. x.com/ali_charts/status/1799423380648767670″ rel=”nofollow” target=”_blank”>developer Over $1.57 billion worth of btc was withdrawn from crypto exchanges during the week.
GameStop's bitcoin Bullish Thesis Was Also x.com/Scaramucci/status/1799060560702841323″ target=”_blank” rel=”noopener nofollow”>recently reiterated by financier Anthony Scaramucci on social media platform current all-time high.
Featured image from IGN, chart from TradingView
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