Analysts at Bernstein have doubled down on their prediction that Bitcoin price could surge to new all-time highs if former president Donald Trump wins the U.S. presidential election next month. According to a recent report from the research and brokerage firm, the BTC price could reach between $80,000 and $90,000, marking a significant jump from its previous high of $73,850. However, BTC risks fall to $40,000 if Vice President Kamala Harris wins the election.
Bitcoin Price Forecast Amid U.S. Elections
The forecast comes as Polymarket odds show the widest divergence in favor of Trump since Harris was confirmed as the Democratic nominee. Bernstein analysts Gautam Chhugani, Sanskar Chindalia, and Mahika Sapra explained that Trump’s pro-crypto stance has become a central part of his campaign strategy. They believe a Trump victory could provide a major boost for Bitcoin price and the broader crypto market.
“A Trump win would be incrementally positive for bitcoin and crypto markets,” the analysts wrote. They added “In the scenario of a Trump win, we expect bitcoin to touch a new high ($80K to $90K) exceeding its previous high of $74K.”
Trump has openly embraced cryptocurrencies in his 2024 campaign, accepting crypto donations and laying out plans to make the U.S. a global hub for Bitcoin mining. His proposals include appointing a crypto-friendly SEC chair and establishing a national BTC reserve, which has fueled optimism among crypto investors.
On the contrary, VP Harris has remained relatively quiet on crypto-related issues throughout her campaign. It was only last month that she commented on digital assets, saying she would support crypto businesses while prioritizing consumer protections.
Harris noted that blockchain technology should be part of her vision for an “opportunity economy,” emphasizing the U.S. should aim for dominance in this space. However, her policies are seen as less favorable to the market compared to Trump’s more aggressive approach.
Harris Win Deemed as Doom for Crypto Market.
Bernstein analysts pointed out that if Harris were to win, BTC price could face a near-term dip, potentially falling to the $40,000 range. “In case of a Harris win, in the near term, we believe it could test a new low in the $40Ks range (previously untested in the recent correction),” the analysts wrote.
Despite these short-term outlooks, the analysts remain bullish on Bitcoin price’s long-term prospects regardless of the election outcome, citing factors such as low interest rates, rising fiscal deficits, and U.S. debt levels. They expect the market to react to shifting election odds, with a more positive sentiment if Trump’s chances of winning improve.
However, the report was less optimistic about other cryptocurrencies like Ethereum (ETH) and Solana (SOL). These altcoins are expected to remain range-bound until the election. Moreover,, the analysts concluded that altcoins would likely take a more definitive direction after the election when the regulatory landscape becomes clearer.
The U.S. election is set to take place on November 5. For Bitcoin investors, the outcome could have a significant impact on the market’s trajectory as crypto industry’s fate hangs in balance.
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Source: https://www.cryptonewsz.com/bitcoin-price-90k-or-40k-us-elections-hold-key/