The world of cryptocurrency, particularly Bitcoin, has been a hot topic recently with predictions swinging from one extreme to the other. Analysts have been divided on whether Bitcoin can reach a new all-time high after the crash. While bearish sentiments persist, there are still those who are optimistic about the future of the pioneer cryptocurrency.
Bernstein analysts have positioned themselves in the bullish camp, forecasting that the Bitcoin price could potentially surpass $90,000. However, their optimistic prediction comes with a condition – the outcome of the highly anticipated United States presidential elections scheduled for November 5, 2024.
The analysts, Mahika Sapra, Sanskar Chindalia, and Gautam Chhugani, have highlighted that the victory of former president Donald Trump in the elections would be favorable for the Bitcoin price. Trump’s vocal support for the cryptocurrency industry and his personal holdings of cryptocurrency amounting to millions of dollars have convinced the analysts that his presidency would drive the price of Bitcoin to new heights.
If Donald Trump emerges as the next president of the United States, Bernstein analysts predict that the Bitcoin price could surge to a range of $80,000 to $90,000 by the fourth quarter of 2024. This surge would be a direct result of Trump’s pro-crypto stance and his initiatives aimed at promoting cryptocurrencies, such as the proposal for a national Bitcoin stockpile and the release of NFT collections on the Bitcoin Ordinals protocol.
Conversely, the analysts believe that a win for Democratic candidate, Vice President Kamala Harris, would lead to a bearish trend for the cryptocurrency industry. In the event of Harris winning the elections, Bernstein analysts foresee a substantial decline in the Bitcoin price, potentially dropping below $50,000 and even reaching as low as $30,000 in a subsequent crash.
Donald Trump’s active involvement in the cryptocurrency space, including the launch of a Bitcoin-themed sneaker line and his vision of Bitcoin as a strategic reserve asset for the United States, have solidified investor belief that a Trump victory in the November elections would be advantageous for the crypto industry.
The predictions regarding the impact of the US presidential elections on Bitcoin price fluctuations reflect the intertwined relationship between politics and the cryptocurrency market. The contrasting outcomes of a Trump presidency versus a Harris presidency underline the significance of government support and regulatory environment in shaping the future trajectory of Bitcoin. Investors and enthusiasts alike will be watching closely as the election results unfold, with the hope of a bullish market for Bitcoin under a Trump administration.
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