Non-public wealth administration brokerage Bernstein has predicted Bitcoin (BTC) worth motion primarily based on the outcomes of the extremely anticipated US Presidential elections in November 2024.
Bitcoin May Hit New ATH If Trump Wins
In accordance with the Bernstein report, Bitcoin is a “Trump commerce” as a win for the previous US President may propel the main digital forex to a brand new all-time excessive (ATH). Particularly, BTC may go as excessive as $90,000 in This autumn 2024, following a win for the Republican candidate.
Conversely, a win for the present Vice President and Democratic candidate Kamala Harris may pressure BTC to interrupt its present backside at $50,000 and see the orange coin decline in worth to check the $30,000 to $40,000 vary.
Whereas a Trump win may imply a resumption of Bitcoin’s bullish worth motion, a Harris win may spell catastrophe for BTC worth. Bernstein analysts Gautam Chhugani, Sanskar Chindalia, and Mahika Sapra shared the prediction in a shopper be aware on September 9, 2024.
Increasing on the reasoning behind their contrasting prediction, the analysts famous that regardless of the digital property trade reaching out to people from each extremes of the political spectrum, it has obtained extra acceptance from the Trump facet. The be aware provides:
Whereas crypto trade leaders have been extra open-minded with the Harris marketing campaign, and are hoping for a extra constructive coverage, we count on the delta between the 2 political outcomes to be huge.
Latest developments within the crypto trade align with the analysts’ ideas. As an illustration, in July 2024, Trump emphasised his help for the crypto trade, saying he would dismiss the US Securities and Alternate Fee (SEC) Chairman, Gary Gensler. For the uninitiated, Gensler is extensively considered as an anti-crypto regulatory officer throughout the crypto area.
In August 2024, Trump made public his intentions to make the US the “crypto capital of the world.” He attacked the Biden administration’s continuous hounding of crypto-related companies within the nation, accusing the present regime of making an attempt to discourage the event and enlargement of the crypto trade.
A Lot To Do For The Democrats
Whereas Trump seems to learn from a good opinion throughout the crypto circle, so much stays to be finished by the Democrats in the event that they intend to make any critical inroads into the Republican candidate’s robust vote financial institution within the trade. Nonetheless, all shouldn’t be misplaced for the Democrats simply but, as Trump has additionally had a whole change of stance towards digital property, reworking from a Bitcoin skeptic to a staunch supporter.
Final month, reviews emerged stating that Kamala Harris would possibly usher in a change within the present Democratic regime’s stance towards cryptocurrencies. Equally, earlier this month, it got here to mild that Harris’ political marketing campaign is now accepting donations in cryptocurrency by leveraging Coinbase’s Commerce platform.
At press time, Bitcoin is buying and selling at $55,272, up 2.2% within the final 24 hours. Solely time will inform whether or not this digital asset makes new ATH or tumbles to $30,000 within the coming months.
Featured Picture from Unsplash.com, Chart from TradingView.com
