Bernstein analysts have predicted that the November presidential election result could affect the price of Bitcoin. The firm’s report shows possible price shifts based on Trump and Harris assuming the presidency.
According to Bernstein’s analysts, if Donald Trump wins the presidency, Bitcoin may hit new all-time highs. They believe that Bitcoin may surpass its previous high of $73,949 and target a price between $80,000 and $90,000.
Bernstein analysts said that short-term Bitcoin price fluctuations are closely related to the results of the US election. If Trump wins the US election next month, the price of Bitcoin is expected to reach a new high of $80,000 to $90,000. If Harris wins, Bitcoin may fall back to…
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According to analysts Guatam Chhugani, Mahika Sapra, and Sanskar Chindalia, this may be due to Trump’s positive view of digital assets. Trump has expressed his support for cryptocurrency in the past and stated that the U.S. should be the dominant player in this market.
This year, Trump has come out in support of cryptocurrencies and has even allowed the use of cryptocurrencies in his campaign. The report also cites Trump’s recent purchase of burgers using Bitcoin through the Lightning Network as the first U.S. president to engage in cryptocurrency. He has also laid out plans to make the US a hub for Bitcoin mining, nominate a pro-crypto head of the SEC, and create a national strategic Bitcoin reserve.
Report forecasts potential Bitcoin price drop under Harris
On the other hand, Harris has only recently come out with her stance on cryptocurrency and pledged to support the industry. According to Bernstein’s report, if Kamala Harris wins, the price of Bitcoin could fall dramatically. The analysts see Bitcoin testing new lows in the $40,000 range, a new low in the recent market correction.
In the coming weeks leading to the election day, the analysts expect that the value of Bitcoin will swing with the odds of the election in favor of Trump. If the election remains too close to call, they believe bitcoin will remain range-bound until the election on November 5.
According to Polymarket, Trump is currently leading Harris by 7%, which shows that the market is leaning more toward Trump. The traders on Polymarket have raised their stakes on a Trump win, which the analysts think is a move to hedge against possible market shifts, especially in the crypto space. Bernstein further claims that Polymarket has more than $1.5 billion in liquidity, which is real money rather than voter bias.
The analysts further stated that Ethereum and Solana will likely trade within a certain range up to the elections. The path of altcoins depends on the regulatory environment. This includes the SEC chair and other positions in the White House.
Source: https://www.cryptopolitan.com/bernstein-analysts-predict-bitcoin-surge/