Bitcoin Price Forecast: Potential $90K Surge by Year End Linked to Trump’s Re-Election, Says Bernstein
September 9, 2024
Bitcoin (BTC) could potentially see a surge to record highs if Donald Trump secures victory in the upcoming U.S. election, according to a recent report by broker Bernstein. The cryptocurrency might reach $90,000 by the end of the fourth quarter should Trump win the presidency in November. Conversely, should Kamala Harris emerge victorious, the report suggests that the leading crypto by market cap could dip below its current support level of around $50,000 and test the range of $30,000 to $40,000.
The report highlights Trump’s strong advocacy for positioning the United States as the “bitcoin and crypto capital of the world,” emphasizing his consistent mention of digital assets in various policy speeches. Trump’s address at the Bitcoin Nashville conference in July underscored his vision for the U.S. to become a dominant force in bitcoin mining, the appointment of a crypto-friendly Securities and Exchange Commission (SEC) chairman, the establishment of a national strategic bitcoin reserve, and the formation of a crypto advisory council for the President.
In contrast, the report points out that crypto has not been a focal point in any of Harris’s public addresses. Analysts at Bernstein note that the crypto market has been grappling with significant challenges over the past three years, particularly in the realms of macroeconomic conditions and regulatory constraints. They suggest that following a period of regulatory scrutiny, a favorable crypto regulatory environment could reignite innovation and drive user engagement with financial products based on blockchain technology.
The report concludes by emphasizing the uncertainty surrounding the election outcome and its potential impact on the crypto market. It suggests that those with a bullish stance on crypto assets may be inclined to align with a “Trump trade” strategy in the current political landscape. The analysis underscores the pivotal role of regulatory policies in shaping the future trajectory of the crypto market and highlights the potential for positive regulatory developments to reinvigorate innovation and user participation in blockchain-based financial products.
The evolving political landscape and its implications for the crypto market underscore the intersecting realms of policy, innovation, and market dynamics. As the election draws near, the crypto community remains attuned to the potential ramifications of the political outcome on the digital asset landscape.
