GameStop

Candle

Bitcoin

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 <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-etfs-witness-18-straight-days-of-inflows-options-traders-eye-100000/" target="_blank" rel="noopener nofollow">surging to new highs</a>. His <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-global-liquidity-100/" target="_blank" rel="noopener nofollow">catalyst </a>for the bullish projection, surprisingly, is GameStop adding Bitcoin to its treasury. 
<h2 id="b-bullish-case-for-bitcoin-b">Bullish Case For Bitcoin</h2> 
<a href="https://bitcoinist.com/is-it-time-to-buy-bitcoin-and-altcoins-crypto-millionaire-arthur-hayes-has-the-answers/" target="_blank" rel="noopener ">Bitcoin </a>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.&nbsp; 
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.&nbsp; 
<a href="https://bitcoinist.com/blackrock-amplifies-its-btc-bet-as-spot-bitcoin-etf-aum-barrels-past-21-billion/" target="_blank" rel="noopener ">Big players</a> like <a href="https://bitcoinist.com/microstrategy-michael-saylor-400m-from-bitcoin/">MicroStrategy</a>, 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. 
<img loading="lazy" decoding="async" class="aligncenter size-full" src="https://www.tradingview.com/x/xUOcma4t/" width="2475" height="1163"> 
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 <a href="https://gamestop.gcs-web.com/news-releases/news-release-details/gamestop-discloses-first-quarter-2024-results" target="_blank" rel="noopener nofollow">financial reports</a> revealed a $32.3 million loss in the first quarter of 2024. This revelation saw the company’s share price falling over 39% on Friday. 
<blockquote class="twitter-tweet"> 
 The double bullish thesis is <a href="https://twitter.com/GameStop?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">@GameStop</a> adds <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#Bitcoin</a> to its corporate treasury. Both <a href="https://twitter.com/search?q=%24GME&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$GME</a> and <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$BTC</a> will see Godzilla candles immediately. <a href="https://t.co/VAaXIxBty4" rel="nofollow" target="_blank">pic.twitter.com/VAaXIxBty4</a> 
 — Samson Mow (@Excellion) <a href="https://twitter.com/Excellion/status/1799205193781010449?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">June 7, 2024</a>
</blockquote> 
<h2 id="b-what-s-next-for-bitcoin-b">What’s Next For Bitcoin?</h2> 
At the time of writing, Bitcoin is trading at $69,310 after spending a majority of last week <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-stubborn-stand-below-100k-whats-holding-it-back/" target="_blank" rel="noopener nofollow">trading a little above</a> $70,000. This comes off of a change into bullish investor sentiment, with on-chain data <a href="https://x.com/ali_charts/status/1799423380648767670" rel="nofollow" target="_blank">revealing </a>over $1.57 billion worth of BTC withdrawn from crypto exchanges during the week. 
GameStop’s bullish Bitcoin thesis was also <a href="https://x.com/Scaramucci/status/1799060560702841323" target="_blank" rel="noopener nofollow">recently reiterated</a> 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.&nbsp; 
Featured image from IGN, chart from TradingView

Bitcoin Maximalist Samson Mow Identifies Godzilla Candle Scenario For BTC – What This Means

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