The Bitcoin price predictions have been a topic of hot debate, with varying thoughts on whether the cryptocurrency will reach new all-time highs after the recent crash. While bearish sentiments persist, there are analysts who are optimistic about bullish trends ahead for the pioneer cryptocurrency.
The Bullish Camp Prediction
Bernstein analysts have joined the bullish camp, forecasting that the Bitcoin price could potentially break the $90,000 mark. However, this prediction comes with a significant caveat. They suggest that the Bitcoin price might rally towards $100,000, but the occurrence of this surge is intricately tied to the highly anticipated United States presidential elections that are set to take place on Tuesday, November 5, 2024.
The Preferred Candidate
In a note to clients, the analysts – Mahika Sapra, Sanskar Chindalia, and Gautam Chhugani, have singled out a preferred candidate for this Bitcoin price surge – former president Donald Trump. They argue that Trump’s victory in the election would be incredibly beneficial for the Bitcoin price, citing his vocal support for the crypto industry and his ownership of significant amounts of cryptocurrency.
The Potential Impact of a Trump Victory
According to the analysts, a win for Donald Trump in the election could propel the Bitcoin price to new heights, reaching somewhere in the range of $80,000 to $90,000 by the fourth quarter of 2024. Conversely, they express concerns about a potential crash in the Bitcoin price if the Democratic candidate, Vice President Kamala Harris, were to emerge victorious. In this scenario, they envision the price dropping below $50,000 and possibly even plummeting to $30,000 in the aftermath of her win.
Donald Trump has emerged as the most vocal candidate when it comes to Bitcoin, even proposing a national Bitcoin stockpile during his campaign. This proposal, while controversial, further underlines Trump’s support for the cryptocurrency. Additionally, Trump has spearheaded initiatives such as releasing NFT collections on the Bitcoin Ordinals protocol and launching a Bitcoin-themed sneaker line post his keynote speech at the 2024 Bitcoin conference.
In previous statements, Trump has expressed his belief that Bitcoin could serve as a strategic reserve asset for the United States. His consistent advocacy for cryptocurrency and blockchain technology has reassured investors and industry leaders alike, leading many to view a potential win for Donald Trump in the November election as a promising development for the crypto market.
The outcome of the United States presidential election in 2024 could have a significant impact on Bitcoin price predictions. While some analysts foresee a bullish trend under a Trump presidency, others express concerns about a potential crash if a different candidate emerges victorious. The intersection of politics and cryptocurrency continues to shape the future trajectory of Bitcoin, making it essential for investors to stay informed and adapt to changing market dynamics.