Bitcoin could surge to highs of $90k if former US president Donald Trump wins the next election in November, analysts at brokerage and research firm Bernstein predict.
Analysts at the brokerage shared the prediction in a note to clients on September 9.
Bernstein says a “Trump trade”, as they referred to a potential win for the Republican candidate, could see the flagship digital asset’s value reach a new all-time high.
Gautam Chhugani, Sanskar Chindalia and Mahika Sapra shared the prediction in a client note published on Sept. 9. Per the analysts, Bitcoin price could climb to the $80,000-$90,000 level by the end of the year if Donald Trump wins the upcoming election.
But while a second term for the former president would herald a positive momentum for BTC, the opposite is likely should US Vice President Kamala Harris win. If the Democratic candidate surmounts the Republican challenge, her win could provide a negative impact for cryptocurrencies, the analysts noted.
In this case, it’s possible Bitcoin could trade low – price levels in the $40,000 to $30,000 range being the likely primary support area.
🔸BERNSTEIN: TRUMP IS RE-ELECTED PRESIDENT, BITCOIN MAY REACH $90,000 BY THE END OF THE YEAR
• Brokerage Bernstein Said In A Research Report On Monday That If Donald Trump Wins The US Election In November, Bitcoin Is Expected To Hit A New High Later This Year, And The…
— *Walter Bloomberg (@DeItaone) September 9, 2024
Currently, most polls have Trump ahead of Harris. Traders on decentralized platform Polymarket are also betting on a Trump win, giving him a 52% chance.
Meanwhile, Polymarket data suggests Harris has a 47% chance of snatching victory.
Trump vs. Harris’ crypto approach
Trump’s more crypto-friendly stance and plans for crypto stand out as a key factor. Notably, the former US president’s approach largely contrasts with that associated with the Harris camp.
Although the Harris campaign has initiated moves such as the crypto roundtable meetings, the Democratic presidential nominee has not added her voice to the crypto question in her campaign or policy statements.
Bitcoin price struggles for upside
Bernstein’s predictions come amid Bitcoin price’s struggles in the $50k-$60k range.
Massive sell-off pressure, regulatory landscape and overall macro environment have all combined to add to a negative sentiment.
However, analysts are bullish on crypto in the short term, particularly if Trump wins. This will also feed into the long term picture, which Bernstein has previously predicted could catapult BTC to $200k by end of 2025 and $500k by December 2029.
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