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BTC will perform well in the long term regardless of the outcome, analysts say.
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“A Trump victory would be incrementally positive for the Bitcoin market,” they wrote.
Analysts at research and brokerage firm Bernstein, Gautam Chhugani, Mahika Sapra and Sanskar Chindalia, sent a note to clients on Wednesday projecting that the price of bitcoin could set new all-time highs if Donald Trump wins the US election next month.
According to your analysisa Trump victory “would be incrementally positive for the bitcoin and Cryptocurrency markets.” Specifically, they anticipate that bitcoin could touch a new high in the range of $80,000 to $90,000surpassing its previous peak of $74,000.
In contrast, if Kamala Harris is victorious, analysts believe that bitcoin could test a new low in the $40,000 range, a level that has not been seen in at least 9 months. This prediction is based on the perception that a Trump victory could provide a more favorable environment for cryptocurrencieswhile a Harris victory could maintain or intensify the current regulatory environment.
The price of bitcoin could return to USD 40,000 if Harris wins, they say from Bernstein. Source: CoinMarketCap.
Analysts also note that bitcoin will continue to react to election odds. If the chances of a Trump victory increase, Cryptocurrency Market Expected to Become More Bullish.
On the other hand, if the electoral race remains “too close to predict,” they expect the price of bitcoin to remain range-bound until the November 5 elections.
Bernstein has been consistently bullish on bitcoin. Recently, the firm reiterated its projection that BTC could exceed $200,000 by the end of next year, despite the recent lateralization of the market, as reported by CriptoNoticias.
However, this view of Bernstein contrasts with other analysis firms and banks. For example, Standard Chartered projects that bitcoin will break its all-time high this year, regardless of who wins the elections, as also reported by CriptoNoticias. This dissonance in predictions reflects the diversity of opinion and analysis within the financial sector on how government policies can influence the cryptocurrency market.
According to Polymarket, a decentralized prediction and betting marketplace on real-world events, Donald Trump is the favorite candidate at the time of this publication.
Donald Trump is the favorite candidate. Source: Polymarket.
As can be seen in the image, 53.2% of the money bet predicts a victory for Donald Trump over his Democratic Party contender.
This article was created using artificial intelligence and edited by a human Editor.
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