Bitcoin Price Predicted to Surge 59% to $90,000 with Donald Trump Victory, According to Wall Street Analyst
September 9, 2024
Bitcoin’s potential for significant gains is tied to the outcome of the 2024 presidential election, with Bernstein suggesting that a victory for Donald Trump could propel the cryptocurrency to new heights. The firm noted that Trump’s increasing support for crypto indicates a more favorable regulatory landscape compared to a potential administration led by Kamala Harris.
Analysts at Bernstein highlighted the possibility of Bitcoin reaching between $80,000 and $90,000 by December if Trump emerges victorious. Gautam Chhugani, an analyst at Bernstein, emphasized the critical role of the election outcome in shaping the future of the crypto industry, stating that “Crypto is the rare instance, where the difference in election outcome could determine the destiny of the industry.”
Trump’s positive stance on cryptocurrencies has been evolving over the years, culminating in a 45-minute speech at the Bitcoin Conference in July. During this event, Trump expressed his vision for the United States to become the global hub for crypto and Bitcoin. His continuous engagement with crypto-related topics in his speeches and the release of various NFT collections further underscore his growing interest in the sector.
Chhugani predicted that a Trump victory could drive Bitcoin to unprecedented levels later in the year, potentially pushing its price to a range of $80,000-$90,000 by December. This projection suggests a potential increase of up to 59% from the current levels around $56,539, with Bitcoin’s previous peak hitting just under $74,000 in March.
The optimism surrounding Bitcoin’s performance in the event of a Trump win stems from the belief that the current market prices do not fully account for the potential benefits of a favorable regulatory environment. Chhugani explained that improved regulations could incentivize institutional and banking participation in decentralized finance, thereby reducing policy risks and enhancing the competitiveness of digital assets against traditional counterparts for institutional investments.
Moreover, the anticipated relaxation of crypto regulations could fuel innovation within the sector and attract more users back into the ecosystem. This positive regulatory shift is expected to create a conducive environment for the development of blockchain-based financial products and encourage broader institutional adoption of digital assets.
The current market trends reflect a bullish sentiment towards Bitcoin, with the cryptocurrency already registering a 34% year-to-date increase. Chhugani concluded that while election outcomes are unpredictable, being long on crypto at this juncture likely represents a strategic move aligned with a potential “Trump trade.”
