Private wealth management firm Bernstein has forecasted Bitcoin’s (BTC) price movement based on the outcome of the highly anticipated U.S. Presidential election in November 2024.
Bitcoin Could Reach New Highs if Trump Wins
The report suggests that Bitcoin could be significantly impacted by the election results, particularly if former President Donald Trump wins. Bernstein analysts believe a Trump victory could drive Bitcoin to an all-time high (ATH), potentially reaching $90,000 by Q4 2024. On the other hand, a victory for current Vice President Kamala Harris could lead to a price decline, with Bitcoin possibly testing the $30,000 to $40,000 range.
Bernstein analysts Gautam Chhugani, Sanskar Chindalia, and Mahika Sapra shared these insights in a client note on September 9, 2024. The report noted that the crypto industry has seen more support from Trump’s side of the political spectrum, compared to the Democratic camp, which remains more cautious.
Recent developments reflect this divergence. In July 2024, Trump expressed his strong backing for cryptocurrencies, stating he would remove SEC Chairman Gary Gensler, who is considered to be anti-crypto. Furthermore, in August, Trump announced his vision to make the U.S. a “crypto capital.”
Democrats Have Ground to Cover
Though Trump has garnered favor in the crypto world, the Democrats, led by Harris, have begun to show some openness. Recently, Harris’ campaign started accepting donations in cryptocurrency via Coinbase’s Commerce platform, signaling a potential shift in policy.
At present, Bitcoin trades at $55,272, with a 2.2% increase over the last 24 hours. The coming months will reveal whether Bitcoin will soar to new heights or face a downward trend.
