As a seasoned crypto investor with a keen interest in Bitcoin and its market dynamics, I find Samson Mow’s analysis intriguing and potentially bullish for the world’s largest cryptocurrency. GameStop’s entry into the Bitcoin space as a corporate treasury holder could indeed be a significant catalyst for price growth, considering the retailer’s large following among younger investors.
Expert: Bitcoin advocate Samson Mow has disclosed a possible cause for Bitcoin’s price increase as it hovers close to its record-high. He identified a potential “giant candle” pattern emerging in Bitcoin’s price graphs, which could propel the cryptocurrency to even greater heights. Remarkably, GameStop’s decision to hold Bitcoin is Mow’s rationale for this optimistic forecast.
Bullish Case For Bitcoin
Bitcoin has a history of experiencing significant price spikes due to increased institutional investment from large traditional businesses. As Bitcoin gains wider acceptance and attracts greater mainstream attention, various elements may fuel substantial price growth and result in a massive “moonshot” rally for the cryptocurrency.
Based on Mow’s analysis, the next significant factor influencing the situation is likely to be GameStop’s adoption by retail gaming markets. GameStop has a history of intriguing market fluctuations. An exceptional short squeeze incident in January 2021 caused the company’s shares to skyrocket over 30-fold by month’s end.
Major corporations such as MicroStrategy, Tesla, and Square have previously incorporated Bitcoin into their financial holdings. GameStop is currently one of the businesses permitting transactions in Bitcoin. However, according to Mow’s perspective, a more significant impact would result if GameStop publicly announced its intention to include Bitcoin in its corporate reserves. Given GameStop’s popularity among younger investors, this move could potentially expose a vast number of newcomers to cryptocurrencies and trigger a notable increase in Bitcoin prices.
Based on his post on social media site X, Mow expresses optimism that if GameStop were to acquire Bitcoin, both GameStop (GME) and Bitcoin (BTC) would experience significant price surges. He used the term “Godzilla candles” to describe this potential outcome. This statement might have been inspired by the recent unfavorable financial reports from GameStop which resulted in a substantial loss of $32.3 million during the first quarter of 2024, causing their share price to decrease by approximately 39% on Friday.
“The ‘double bullish’ scenario involves GameStop (GME) adopting Bitcoin (BTC) for its corporate holdings. This event is expected to trigger significant price surges for both stocks, resulting in large, iconic price charts reminiscent of Godzilla.”
— Samson Mow (@Excellion) June 7, 2024
What’s Next For Bitcoin?
currently, Bitcoin is priced at $69,310 in the market, having mostly hovered around $70,000 throughout the previous week. This shift follows a surge in bullish investor confidence, as evidenced by over $1.57 billion in Bitcoin withdrawals from cryptocurrency exchanges during the past week.
Expert: Anthony Scaramucci, a financier, has echoed GameStop’s optimistic viewpoint regarding Bitcoin on social media platform X. Despite the potential short-term market turbulence caused by a large price movement, known as a “Godzilla candle,” this event could eventually help Bitcoin establish a new level of stability at a higher price point above its current record high.
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2024-06-09 18:11