Popular Bitcoin advocate Samson Mow has revealed what could be the next trigger for Bitcoin price as the cryptocurrency continues to trade just below all-time highs. Bitcoin Maximalist recently identified a ‘Godzilla candle’ potentially forming on the Bitcoin price chart, which will undoubtedly send the cryptocurrency into a tailspin. soar to new highs. His catalyst Surprisingly against optimistic expectations, GameStop added Bitcoin to its treasury.
The Bullish Case for Bitcoin
Bitcoin Price surges resulting from institutional adoption by traditional large corporations are not unfamiliar. As Bitcoin adoption increases and mainstream interest in the cryptocurrency grows, several factors could cause the BTC price to surge and lead to a “Godzilla Candle” rally.
According to Mow, the adoption of retail gaming retailer GameStop is next in the list of these factors. GameStop is also no stranger to interesting market moves. After a brief shortfall in January 2021, the company’s stock price soared more than 30-fold by the end of the month.
big player good night MicroStrategy, Tesla and Square already have Bitcoin on their balance sheets. GameStop is already included in the extensive list of companies that accept Bitcoin payments. However, Mow believes a better impact will be felt once GameStop announces the addition of Bitcoin to the company’s treasury. GameStop, a popular stock among young investors, has the potential to introduce the cryptocurrency to a massive new audience that could send the price of Bitcoin skyrocketing.
BTCUSD trading at $69,372 on the weekly chart: TradingView.com
According to his tweet on social media platform “Both $GME and $BTC will see Godzilla candles immediately,” Mow said. This was probably done in reference to the recent decline in GameStop’s stock price following the company’s bankruptcy. financial report said it suffered a loss of $32.3 million in the first quarter of 2024. The revelations sent the company’s stock price down more than 39% on Friday.
The theory of double stress is as follows: @GameStop add #Bitcoin To the company’s treasury. both $GME and $BTC Immediately you will see a Godzilla candle. pic.twitter.com/VAaXIxBty4
— Samson Mou (@Excellion) June 7, 2024
What’s next for Bitcoin?
As of this writing, Bitcoin is trading at $69,310 after spending most of last week. deal a little above $70,000. This stems from a shift towards optimistic investor sentiment through on-chain data. open Over the course of this week, $1.57 billion worth of BTC was withdrawn from cryptocurrency exchanges.
GameStop’s Bullish Bitcoin Thesis Also recently repeated Financier Anthony Scaramucci wrote on social media platform X. Overall, the Godzilla candle is likely to result in short-term volatility, but it paves the way for Bitcoin to reach a new stability plateau at price levels higher than its current all-time highs.
Featured image by IGN, chart by TradingView