Forecasts regarding Bitcoin’s price have varied significantly, especially concerning its potential to reach a new all-time high following the recent downturn. While pessimistic views persist, some analysts maintain that positive developments could be on the horizon for the leading cryptocurrency. Bernstein analysts have aligned with the optimistic side, suggesting that Bitcoin’s price could actually exceed $90,000; however, there’s an important stipulation to this forecast.
Donald Trump Must Win the US Presidential Elections
According to Bernstein analysts, they anticipate Bitcoin’s price could climb toward $100,000 from its current position. Nonetheless, this increase is closely linked to the upcoming highly anticipated United States presidential elections set for Tuesday, November 5, 2024.
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In a communication to clients this Monday, analysts Mahika Sapra, Sanskar Chindalia, and Gautam Chhugani have highlighted a favored candidate: former President Donald Trump. They assert that Trump’s ascendance to the presidency would be beneficial for Bitcoin’s valuation.
The reasoning behind this is Trump’s outspoken support for the cryptocurrency sector, as he himself holds millions of dollars in cryptocurrencies. The analysts conveyed that if Trump were to win, Bitcoin’s price could rise, potentially landing within the range of $80,000 to $90,000 by the fourth quarter of 2024.
Conversely, they predict that a victory for Democratic candidate and Vice President Kamala Harris would negatively impact the crypto market. They forecast a significant decline in Bitcoin’s price if Harris were to defeat Trump, estimating a drop below $50,000, and possibly dipping to around $30,000 during the resulting market collapse.
Trump Supports Bitcoin
Donald Trump has been the most outspoken candidate regarding Bitcoin, even suggesting the creation of a national Bitcoin stockpile, essentially a reserve for the BTC owned by the government. This idea was met with criticism from industry leaders, who argue it could divert seized crypto assets from their intended uses. Nonetheless, the key takeaway from this proposal is Trump’s endorsement of Bitcoin.
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Additional initiatives spearheaded by the Republican candidate include four non-fungible token (NFT) collections launched on the Bitcoin Ordinals protocol. Trump also introduced a Bitcoin-themed sneaker line in early August, following his keynote address at the 2024 Bitcoin conference.
To cap it all, Trump has previously asserted that Bitcoin may serve as a strategic reserve asset for the United States. Collectively, these actions have encouraged investors to believe that a Trump victory in November would bode well for the cryptocurrency market.
Featured image created with Dall.E, chart from Tradingview.com
