Private wealth management brokerage Bernstein has predicted Bitcoin (BTC) price action based on the results of the highly anticipated US Presidential elections in November 2024.
Bitcoin Could Hit New ATH If Trump Wins
According to the Bernstein report, Bitcoin is a “Trump trade” as a win for the former US President could propel the leading digital currency to a new all-time high (ATH). Specifically, BTC could go as high as $90,000 in Q4 2024, following a win for the Republican candidate.
Conversely, a win for the current Vice President and Democratic candidate Kamala Harris could force BTC to break its current bottom at $50,000 and see the orange coin decline in price to test the $30,000 to $40,000 range.
While a Trump win could mean a resumption of Bitcoin’s bullish price action, a Harris win could spell disaster for BTC price. Bernstein analysts Gautam Chhugani, Sanskar Chindalia, and Mahika Sapra shared the prediction in a client note on September 9, 2024.
Expanding on the reasoning behind their contrasting prediction, the analysts noted that despite the digital assets industry reaching out to individuals from both extremes of the political spectrum, it has received more acceptance from the Trump side. The note adds:
While crypto industry leaders have been more open-minded with the Harris campaign, and are hoping for a more constructive policy, we expect the delta between the two political outcomes to be wide.
Recent developments in the crypto industry align with the analysts’ thoughts. For instance, in July 2024, Trump emphasized his support for the crypto industry, saying he would dismiss the US Securities and Exchange Commission (SEC) Chairman, Gary Gensler. For the uninitiated, Gensler is widely viewed as an anti-crypto regulatory officer within the crypto space.
In August 2024, Trump made public his intentions to make the US the “crypto capital of the world.” He attacked the Biden administration’s continual hounding of crypto-related businesses in the country, accusing the current regime of trying to discourage the development and expansion of the crypto industry.
A Lot To Do For The Democrats
While Trump appears to benefit from a favorable opinion within the crypto circle, a lot remains to be done by the Democrats if they intend to make any serious inroads into the Republican candidate’s strong vote bank in the industry. However, all is not lost for the Democrats just yet, as Trump has also had a complete change of stance toward digital assets, transforming from a Bitcoin skeptic to a staunch supporter.
Last month, reports emerged stating that Kamala Harris might usher in a change in the current Democratic regime’s stance toward cryptocurrencies. Similarly, earlier this month, it came to light that Harris’ political campaign is now accepting donations in cryptocurrency by leveraging Coinbase’s Commerce platform.
At press time, Bitcoin is trading at $55,272, up 2.2% in the last 24 hours. Only time will tell whether this digital asset makes new ATH or tumbles to $30,000 in the coming months.
Featured Image from Unsplash.com, Chart from TradingView.com
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