Predictions for the Bitcoin price have been all over the place, especially when it comes to whether the cryptocurrency can hit a new all-time high after the crash. While bearish sentiments remain strong, there are still analysts who believe that bullish times are on the way for the pioneer cryptocurrency. Bernstein analysts have fallen into the bullish camp, as they predict that the Bitcoin price can actually break $90,000, but there’s a caveat to this prediction.
Donald Trump Needs To Win US Presidential Elections
Bernstein analysts recently revealed that they still believe that the Bitcoin price can rally toward $100,000 from here. However, the event in which this could happen is heavily tied to the highly anticipated United States presidential elections scheduled to take place on Tuesday, November 5, 2024.
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In a note to clients on Monday, the analysts, Mahika Sapra, Sanskar Chindalia, and Gautam Chhugani, have brought it down to a preferred candidate and that is former president Donald Trump. According to the analysts, Donald Trump emerging as the next president of the United States would be great for the Bitcoin price.
This is because Trump has been very vocal about his support of the crypto industry, holding a couple of millions of dollars worth of cryptocurrency himself. They explained that a victory for Donald Trump would push the price higher, putting it somewhere win the range of $80,000 to $90,000 by the fourth quarter of 2024.
In contrast, they believe that a win for Democratic candidate, Vice President Kamala Harris, would be very bearish for the crypto industry. In fact, they forecast a notable crash in the Bitcoin price if Harris were to emerge victorious over Donald Trump. The target here is a fall below $50,000, and possibly reaching as low as $30,000 in the subsequent crash.
Trump Favors Bitcoin
When it comes to Bitcoin, Donald Trump has been the most vocal candidate, even going as far as to propose a national Bitcoin stockpile, which is basically a repository for the BTC held by the government. The proposal drew criticism from industry leaders who believe that it could lead to a diversion of seized crypto funds from their intended purpose. However, the message in the proposal has already been passed, and that is Donald Trump’s support for Bitcoin.
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Other initatives that have been led by the Republican candidate including four non-fungible tokens (NFT) collections released on the Bitcoin Ordinals protocol. Donald Trump also launched a Bitcoin-themed sneaker line in early August, after delivering a keynote speech at the 2024 Bitcoin conference.
To top it all off, Trump has previously stated that he believes that Bitcoin could be a strategic reserve asset for the United States. All of the above have led investors to believe that a win for Donald Trump in November would be a win for crypto.
Featured image created with Dall.E, chart from Tradingview.com
