Coinspeaker
Trump’s Victory Could Propel Bitcoin to $90K, According to Bernstein
With the US presidential election on the horizon, its impacts on financial markets, particularly the cryptocurrency sector, are attracting increasing scrutiny. Donald Trump, who positions himself as a supporter of crypto, has led analysts at Bernstein to reaffirm their earlier predictions.
Bernstein forecasts that Bitcoin
BTC
$61 746
24h volatility:
1.6%
Market cap:
$1.22 T
Vol. 24h:
$27.57 B
may surge to $80,000 or even $90,000 if Trump wins the presidency. This optimistic projection is based on Trump’s supportive stance toward digital currencies, which includes plans to enhance Bitcoin mining in the US and appoint a pro-crypto chair for the Securities and Exchange Commission (SEC).
Harris’s Victory Could Drive Bitcoin Down to $40K
Trump’s campaign has garnered attention for its robust advocacy for cryptocurrency. His team is not only accepting digital currency donations but is also advocating for a national Bitcoin reserve, signaling a commitment to integrating crypto within the US financial system.
Conversely, Vice President Kamala Harris supports blockchain technology and digital assets, yet has provided less clarity on her stance regarding cryptocurrency. Her priorities focus more on consumer protection and enhancing America’s role in blockchain technology, aligning with her broader “opportunity economy” agenda.
Analysts at Bernstein, including Gautam Chhugani, Mahika Sapra, and Sanskar Chindalia, indicate that a Trump victory could result in Bitcoin surpassing its previous high of $74,000. On the flip side, they assert that a Harris win could lead Bitcoin down to around $40,000, considering current market trends and political uncertainties.
“In the scenario of a Trump win, we anticipate Bitcoin reaching a new peak ($80K to $90K), surpassing its former high of $74K. Conversely, a Harris win could bring Bitcoin to test lower levels in the $40Ks range (a level not seen during the recent correction),” stated Gautam Chhugani, Mahika Sapra, and Sanskar Chindalia in a communication to clients on Wednesday.
The Influence of Polymarket and Election Probabilities
Polymarket, a blockchain-based betting platform, has seen over $1.5 billion wagered on the upcoming US presidential election. Current odds appear to favor Trump, likely a reflection of his pro-crypto position. However, Bernstein analysts contend that despite potential biases, the platform’s high liquidity and active market engagement render it a dependable reflection of public sentiment.
Source: Polymarket
While Bitcoin may respond positively to increasing probabilities of a Trump win, Bernstein analysts predict that altcoins such as Ethereum and Solana will maintain relative stability until after the elections. The future trajectories of these cryptocurrencies are expected to be shaped by the regulatory landscape, which will gain clarity with the appointment of new regulatory heads and their respective policies post-election.
The intersection of cryptocurrency developments and the outcomes of the US presidential election is capturing considerable attention, with significant implications for investors and broader financial markets. As November 5 approaches, the focus will remain on these evolving dynamics and their potential impacts on the cryptocurrency ecosystem.
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Trump’s Victory Could Propel Bitcoin to $90K, According to Bernstein
