The world of cryptocurrency is filled with speculation and bold predictions, especially when it comes to the price of Bitcoin. Analysts have been divided on whether Bitcoin will recover from its recent crash and hit new all-time highs. While there is a strong bearish sentiment prevailing in the market, some analysts, like those from Bernstein, have taken a bullish stance on the pioneer cryptocurrency.
According to Bernstein analysts, there is a possibility that the Bitcoin price could soar to $90,000 or even hit $100,000 in the near future. However, this bullish outlook comes with a caveat – it is heavily dependent on the outcome of the highly anticipated United States presidential election scheduled for November 5, 2024.
In a note to clients, analysts Mahika Sapra, Sanskar Chindalia, and Gautam Chhugani highlighted their preference for former president Donald Trump as the next president of the United States. They believe that a Trump victory would be beneficial for the Bitcoin price, citing his vocal support for the crypto industry and his personal holdings in cryptocurrency worth millions of dollars.
The analysts forecast that a win for Donald Trump could push the Bitcoin price to $80,000 to $90,000 by the fourth quarter of 2024. On the other hand, they predict a significant crash in the Bitcoin price if Democratic candidate Vice President Kamala Harris were to emerge victorious. In this scenario, the price could plummet below $50,000, possibly reaching as low as $30,000 in the aftermath.
Donald Trump has been the most vocal candidate when it comes to Bitcoin, proposing initiatives such as a national Bitcoin stockpile and releasing NFT collections on the Bitcoin Ordinals protocol. He even launched a Bitcoin-themed sneaker line and voiced his belief that Bitcoin could serve as a strategic reserve asset for the United States.
All these factors have led investors to believe that a win for Donald Trump in the November election would be a positive development for the crypto industry. Despite criticism from some industry leaders, Trump’s unwavering support for Bitcoin has resonated with many in the cryptocurrency community.
The outcome of the United States presidential election in 2024 is poised to have a significant impact on Bitcoin price predictions. While some analysts remain cautious, others are optimistic about the potential for Bitcoin to reach new heights under a Trump administration. As the election draws nearer, the crypto market will be closely watching for any signs of how the results could shape the future of Bitcoin and the wider cryptocurrency industry.