All news is rigorously fact-checked and reviewed by leading blockchain experts and seasoned industry insiders.
- Bernstein analysts predict Bitcoin could reach $80,000 to $90,000 if Trump wins the U.S. election.
- A Harris victory could lead to BTC falling to the $30,000 to $40,000 range, due to regulatory uncertainty.
For especially Bitcoin, the forthcoming U.S. presidential election is turning out to be a major event for the crypto market. Recent remarks by Bernstein analysts indicate that the result of the election might cause a notable change in the price of Bitcoin. Should Donald Trump win, they estimate that the value of BTC may surge and land between $80,000 and $90,000.
Trump Win Could Push Bitcoin to $90K, Says Bernstein
Analysts at Bernstein reiterated their prediction that Bitcoin could reach new all-time highs of $80,000 to $90,000 if Donald Trump wins the upcoming U.S. election, citing his pro-crypto stance, including policies to make the… pic.twitter.com/QZLWgMOpNy
— The Wolf Of All Streets (@scottmelker) October 9, 2024
Trump’s Pro-Crypto Policies Could Drive Bitcoin Growth
Trump’s positive attitude regarding digital assets grounds this possible growth. Trump has underlined throughout his campaign his goal to make the US a worldwide leader in the crypto industry.
Among the several pro-crypto initiatives he has proposed are creating a national Bitcoin mining reserve, assigning a crypto-friendly head to the Securities and Exchange Commission (SEC), and thus promoting a more crypto-friendly legal climate.
On the other hand, a Kamala Harris victory might have a reverse impact on the BTC price. The same analysts forecast that Bitcoin may see a significant drop upon Harris’s inauguration, maybe sliding between $30,000 and $40,000. Harris has not made cryptocurrencies a main focus of her campaign, and market uncertainty is resulting.
Although her campaign has attracted business executives and shown some interest in encouraging innovation, no specific proposal on cryptocurrency control exists. This lack of clarity has resulted in forecasts that her government might not give the expansion of the digital asset market first priority, therefore fueling a possible decline in the BTC price.
With a 52% to 47% advantage, election prediction markets such as Polymarket show Trump presently leading Harris in important states. Trump’s constant advantage in these markets points to crypto investors keen attention to the political scene and awareness of the significant consequences it might have for the sector.
Investors are looking at Trump’s possible presidency as a positive driver for Bitcoin and other digital assets more and more as his pro-Bitcoin posture becomes more clear.
Besides, the larger market is already showing notable swings. Prices of Bitcoin have shown erratic trading behavior; at now, they linger around $61,012.84, a 1.93% drop over the last 24 hours. Although these price swings are normal in a volatile market like cryptocurrency, it is evident that investor attitude is being affected by the anxiety about the upcoming US election.
No coins selectedBitcoin’s path in the next few months will probably be much influenced by the political atmosphere, particularly with a candidate as vocal as Trump regarding cryptocurrency.
From an institutional standpoint, the increased curiosity in Bitcoin ETFs is adding yet another level of complications to the market. At about 925,266 BTC right now, Bitcoin ETFs account for almost 5% of all the circulating supply, as we previously reported.
This growth is driven by the growing demand from institutional investors; prominent firms like BlackRock and Fidelity are leading the way.
