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Bitcoin price predictions have varied widely, particularly concerning whether the cryptocurrency can reach a new all-time high following its crash. Despite prevailing bearish sentiments, some analysts maintain a bullish outlook for Bitcoin. Among these optimistic analysts are those from Bernstein, who forecast that Bitcoin could potentially break the $90,000 mark. However, there is a significant condition tied to this prediction.
Donald Trump Needs To Win US Presidential Elections
Bernstein analysts recently expressed their belief that Bitcoin could rally towards $100,000. However, this optimistic scenario is closely linked to the upcoming United States presidential elections, scheduled for Tuesday, November 5, 2024.
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In a client note on Monday, analysts Mahika Sapra, Sanskar Chindalia, and Gautam Chhugani pinpointed a preferred candidate—former president Donald Trump. According to the analysts, a Trump victory would be beneficial for Bitcoin’s price. Trump has been vocal about his support for the cryptocurrency industry, with holdings amounting to a couple of million dollars in cryptocurrency. They predict that a Trump win could push Bitcoin’s price to somewhere between $80,000 and $90,000 by the fourth quarter of 2024.
Conversely, they believe a win for Democratic candidate Vice President Kamala Harris would be bearish for the crypto industry. They forecast a significant drop in Bitcoin’s price if Harris were to win, potentially falling below $50,000 and even reaching as low as $30,000 in the subsequent crash.
Trump Favors Bitcoin
Regarding Bitcoin, Donald Trump has been one of the most outspoken candidates. He has even proposed a national Bitcoin stockpile, a repository for BTC held by the government. This proposal has drawn criticism from industry leaders who argue it could divert seized crypto funds from their intended use. Nevertheless, the proposal underscores Trump’s support for Bitcoin.
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Trump has led several initiatives supporting Bitcoin. These include releasing four non-fungible token (NFT) collections on the Bitcoin Ordinals protocol and launching a Bitcoin-themed sneaker line in early August, following his keynote speech at the 2024 Bitcoin conference.
Moreover, Trump has previously stated that he believes Bitcoin could serve as a strategic reserve asset for the United States. These factors have led investors to conclude that a Trump victory in November would be advantageous for the cryptocurrency market.
Conclusion
The upcoming US presidential elections could significantly impact Bitcoin’s price trajectory. While a Trump victory could propel Bitcoin to new heights, a win for Kamala Harris could lead to a substantial decline. Investors and analysts alike will be closely watching the elections, as the outcome could shape the future of the cryptocurrency market.
