Bitcoin advocate Samson Mow has shed light on a potential catalyst for Bitcoin’s price surge, as the cryptocurrency hovers just below its all-time high. Mow, a staunch Bitcoin supporter, identified a ‘Godzilla candle’ forming on Bitcoin’s price charts, which could propel the cryptocurrency to new highs. Surprisingly, the trigger for this bullish projection is GameStop’s decision to add Bitcoin to its treasury.
Bitcoin has a history of experiencing price surges fueled by institutional adoption by major traditional companies. With the increasing adoption of Bitcoin and growing mainstream interest in cryptocurrencies, several factors could drive BTC’s price to unprecedented levels, leading to the anticipated ‘Godzilla candle’ rally.
Mow believes that GameStop’s adoption of Bitcoin could be the next significant factor contributing to this bullish scenario. GameStop has previously been involved in market movements, such as the short-squeeze in January 2021 that saw its shares skyrocket over 30 times by the end of the month.
Companies like MicroStrategy, Tesla, and Square have already integrated Bitcoin into their balance sheets. GameStop, on the other hand, is among the list of companies accepting Bitcoin payments. However, Mow suggests that the impact would be more substantial if GameStop were to announce the addition of Bitcoin to its corporate treasury. Given GameStop’s popularity among young investors, this move could introduce cryptocurrency to a vast new audience, potentially triggering a surge in Bitcoin prices.
Mow shared his views on social media platform X, stating that both GameStop and Bitcoin would experience immediate price spikes if GameStop were to invest in Bitcoin. This statement was likely in response to GameStop’s recent decline in share price following the disclosure of a $32.3 million loss in the first quarter of 2024.
Currently, Bitcoin is trading at $69,310, slightly below the $70,000 mark it touched last week. The shift in sentiment among bullish investors has been evident, with on-chain data indicating over $1.57 billion worth of BTC withdrawn from crypto exchanges during the week.
The optimism surrounding GameStop’s potential Bitcoin adoption was echoed by financier Anthony Scaramucci on social media platform X. While a ‘Godzilla candle’ could lead to short-term volatility, it could also pave the way for Bitcoin to establish a new level of stability at a higher price point above its previous all-time high.
In conclusion, the integration of Bitcoin into GameStop’s treasury could serve as a significant catalyst for Bitcoin’s price surge, potentially leading to a new era of stability and growth for the cryptocurrency. The evolving landscape of institutional adoption and mainstream interest in Bitcoin is setting the stage for a potential rally that enthusiasts like Samson Mow are closely monitoring.
