In the world of cryptocurrency, predictions for the price of Bitcoin have been constantly changing. While many remain bearish, there are still analysts who believe that bullish times lie ahead. Bernstein analysts have recently joined the bullish camp, forecasting that the Bitcoin price could potentially reach $90,000. However, this prediction comes with a catch.
According to the analysts Mahika Sapra, Sanskar Chindalia, and Gautam Chhugani, the key event that could drive Bitcoin to new heights is the outcome of the United States presidential election in 2024. Specifically, they believe that if former president Donald Trump were to emerge victorious, it would be a significant boost for the cryptocurrency market. Trump’s vocal support for the crypto industry, coupled with his personal holdings of millions of dollars worth of cryptocurrency, is seen as a positive sign by the analysts. They predict that a Trump victory could push the Bitcoin price to a range of $80,000 to $90,000 by the end of 2024.
On the other hand, the analysts express concern over the potential impact of a win for Democratic candidate Vice President Kamala Harris. They suggest that if Harris were to be elected, it could lead to a significant drop in the Bitcoin price, potentially falling below $50,000 and even reaching as low as $30,000 in a subsequent crash.
Donald Trump has been a prominent figure in the cryptocurrency space, advocating for the adoption and use of Bitcoin. His proposal for a national Bitcoin stockpile, meant to hold BTC seized by the government, has drawn mixed reactions from industry leaders. Despite the criticism, Trump’s support for Bitcoin remains unwavering.
Furthermore, Trump has taken several initiatives to show his support for the crypto industry, including launching four non-fungible token (NFT) collections on the Bitcoin Ordinals protocol. Additionally, he unveiled a Bitcoin-themed sneaker line following a keynote speech at a Bitcoin conference in 2024. Trump has even stated his belief that Bitcoin could serve as a strategic reserve asset for the United States.
All these factors combined have led investors to believe that a win for Donald Trump in the 2024 US presidential election would be beneficial for the cryptocurrency market. His support for Bitcoin, coupled with his personal involvement in the industry, has instilled confidence in many investors who see a Trump victory as a catalyst for Bitcoin reaching new price milestones.
The outcome of the 2024 US presidential election is being closely monitored by analysts and investors alike, as it could have a significant impact on the future of Bitcoin. While predictions remain uncertain, the general sentiment leans towards a bullish future for the cryptocurrency should Donald Trump emerge victorious.
