Research firm Bernstein predicted Bitcoin’s potential trajectory in light of the upcoming US presidential election. According to a report on Wednesday, Bitcoin has the potential to rise to new highs of between $80,000 and $90,000 if Donald Trump emerges as the next US President. Bernstein analysts have made this prediction, stating that Trump’s poll odds have recently risen.
Trump’s Pro-Crypto Approach
Looking at the course of this election, Trump has been a pro-cryptocurrency candidate. He has permitted his campaign to accept cryptos and provided strategies to make the US the center of Bitcoin mining. Some of the measures he has suggested are the appointment of an SEC Chief who supports Bitcoin and the formation of a national Bitcoin Reserve.
Kamala Harris, Trump’s rival and Democratic candidate, only started talking about cryptocurrency. Last month, she said that the U.S. should take leadership in the field of blockchain. Harris, though, focused on the need to balance consumer rights and the need to regulate the digital asset industry as it continues to grow.
Analysts’ Bitcoin Predictions
Bernstein’s analysts, led by Gautam Chhugani, Mahika Sapra, and Sanskar Chhugani, highlighted that a Trump victory would positively impact Bitcoin in the short term. They predicted Bitcoin would likely rise to $90,000 as it previously hit $74,000. Yet, if Harris wins, the experts expect a decline in the Bitcoin price, which may fall to the $40,000 level in the short term.
The analysts also stated that the price of Bitcoin would be influenced by changes in the odds of the elections. If the probability of Trump’s victory is on the rise, Bitcoin would be bullish in the run-up to the election. On the other hand, if the race is still close, the price of Bitcoin may not move much until the election on November 5th.
Trump Launches World Liberty Financial, Shares Token DetailsPolymarket Election Trends
Polymarket, a blockchain-based election prediction market, has been very active, with more than $1.5 billion in betting on the US presidential election. Currently, Trump has a 7% advantage over Harris in election probabilities within the platform, even as national poll averages point to a closer contest.
Before the election, politics would likely influence the outcome of Bitcoin and other cryptocurrencies. A win for Trump could see Bitcoin rise to even greater heights, while a win for Harris could lead to some volatility in the crypto space.
