Bernstein Private Wealth Management expected Bitcoin (BTC) price action is dependent on the outcome of the highly anticipated US presidential election in November 2024.
Bitcoin Could Hit New Record High If Trump Wins
According to Bernstein, Bitcoin is a “Trump deal” as a victory for the former US president could push the leading cryptocurrency to an all-time high (ATH). Specifically, Bitcoin could surge to $90,000 in Q4 2024, following a Republican candidate’s victory.
Conversely, a win by current Vice President and Democratic nominee Kamala Harris could force Bitcoin to break its current low of $50,000 and see the orange coin’s price drop to test the $30,000 to $40,000 range.
While a Trump win could mean a resumption of Bitcoin’s bullish price movement, a Harris win could spell disaster for Bitcoin’s price. Bernstein analysts Gautam Chugani, Sanskar Shindalia, and Mahika Sapra shared this prediction in a note to clients on September 9, 2024.
Expanding on the logic behind their contradictory predictions, the analysts note that while the digital asset industry reaches out to individuals on both sides of the political spectrum, it has found greater acceptance from Trump. The note adds:
While crypto industry leaders have been more open to Harris’s campaign, hoping for a more constructive policy, we expect the gap between the two political outcomes to be wide.
Recent developments in the crypto industry are in line with analysts’ ideas. For example, in July 2024, Trump will announce Confirmed Trump has come out in support of the cryptocurrency industry, saying he will fire SEC Chairman Gary Gensler. For starters, Gensler is widely seen as an anti-cryptocurrency regulator within the crypto space.
In August 2024, Trump to make Trump has declared his intention to make the United States the “crypto capital of the world.” He has attacked the Biden administration’s ongoing crackdown on crypto-related businesses in the country, accusing the current regime of trying to stifle the development and expansion of the crypto industry.
There is a lot for Democrats to do.
While Trump appears to be benefiting from the positive sentiment within the crypto community, Democrats still have a lot of work to do if they are to make any serious inroads into the Republican candidate’s strong vote bank in the industry. However, all is not lost for Democrats yet, as Trump has also seen a complete about-face on digital assets, transformation From Bitcoin skeptic to strong supporter.
Last month, reports appeared Kamala Harris has said she could herald a change in the current Democratic establishment’s stance on cryptocurrencies. Similarly, earlier this month, it emerged that Harris’ political campaign has now acceptance Cryptocurrency donations by leveraging the Coinbase trading platform.
At the time of writing, Bitcoin is trading at $55,272, up 2.2% in the last 24 hours. Only time will tell whether this digital asset will make a new all-time high or drop to $30,000 in the coming months.
Featured image from Unsplash.com, chart from TradingView.com
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