Wealth management company Bernstein has set a new price target for the world’s leading cryptocurrency, bitcoin (BTC). It predicts that the digital asset will reach $200,000 by the end of 2025.
The bullish outlook came despite uncertainties surrounding the 2024 United States presidential election outcome and its potential impact on financial markets.
BTC to Hit $90,000
Before the recent BTC prediction, Bernstein analysts initially forecasted that if Donald Trump wins, the crypto asset is likely to reach the $80,000-$90,000 range. However, bitcoin will drop to $30,000 if Kamala Harris wins before the year ends.
Bernstein analysts noted that bitcoin is now firmly set and unlikely to be significantly disrupted by any single event, including the U.S. election.
In the past few weeks, BTC’s price has significantly increased, reaching over $71,000. However, the crypto asset is up 0.33% in the last 24 hours, exchanging hands at $68,800 at the time of writing.
Bitcoin as Tool for America’s Economy
Supporting the prediction, these analysts stated that Trump has positioned himself as the crypto-supportive candidate throughout his campaign, winning the support of many famous crypto advocates.
Trump attended this year’s Bitcoin Conference in Nashville as a key speaker. There, he expressed open support for Bitcoin as the best tool to restructure America’s economy. Also, he revealed plans to fire Gary Gensler from his position as chairman of the U.S. Securities and Exchange Commission (SEC) if he wins the presidential election.
The presidential candidate also proposed the idea of a Bitcoin reserve and pledged protection for miners.
Big Firms Predicting BTC Price
In recent times, several entities have predicted the price of bitcoin, which signifies hope for the crypto asset’s future.
Earlier this year, the famous British bank Standard Chartered predicted that BTC would jump to $150k.
Bernstein also predicted that the bitcoin price would increase to around $150,000 if bitcoin ETFs were approved. Although the company ruled off bitcoin earlier in 2018 as an investment asset, the private wealth manager has expressed confidence that bitcoin will regain and increase in value.
