Bitcoin price predictions have been a hot topic lately, with experts and analysts sharing their views on whether the cryptocurrency will see a new all-time high after the recent crash. While some remain bearish, there are still those who believe that bullish times are ahead for Bitcoin. One group of analysts from Bernstein falls into the bullish camp, predicting that the Bitcoin price could reach $90,000 in the near future.
The Forecast Based on the US Presidential Elections
The analysts at Bernstein recently revealed that they foresee a scenario where the Bitcoin price could rally towards $100,000. However, their prediction is heavily influenced by the outcome of the highly anticipated United States presidential elections scheduled for November 5, 2024. According to Mahika Sapra, Sanskar Chindalia, and Gautam Chhugani, a victory for former president Donald Trump would spell good news for the Bitcoin price.
The analysts at Bernstein believe that Donald Trump’s vocal support for the cryptocurrency industry would positively impact the price of Bitcoin. Trump has been known to hold millions of dollars worth of cryptocurrency himself, and his endorsement of Bitcoin has been a key factor in their prediction. In contrast, they predict a bearish outcome for Bitcoin if Democratic candidate Vice President Kamala Harris were to win the elections.
The Potential Impact on Bitcoin Price
If Trump emerges victorious, the analysts believe that the Bitcoin price could surge to between $80,000 and $90,000 by the fourth quarter of 2024. On the other hand, a win for Harris could lead to a significant crash in the Bitcoin price, with the possibility of it dropping below $50,000 and even reaching as low as $30,000 in the aftermath.
Trump’s Initiatives in the Crypto Industry
Donald Trump’s support for Bitcoin has been evident through various initiatives he has led in the crypto industry. He has proposed a national Bitcoin stockpile, launched four NFT collections on the Bitcoin Ordinals protocol, and even introduced a Bitcoin-themed sneaker line. Trump has also expressed his belief that Bitcoin could serve as a strategic reserve asset for the United States, further solidifying his support for the cryptocurrency.
All these initiatives and statements from Trump have led investors to view a potential win for him in the upcoming elections as a positive development for the crypto industry. The prospect of Trump becoming the next president has created optimism among investors, who believe that his support for Bitcoin could drive its price to new heights.
The outcome of the US presidential elections could have a significant impact on the price of Bitcoin. While analysts predict a bullish future for Bitcoin if Trump wins, a victory for Harris could lead to a major crash in its price. The crypto industry will be closely watching the elections, as they could determine the direction of Bitcoin in the coming years.
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