Famous wealth management firm Bernstein sees the upcoming U.S. presidential election as a vital factor in determining bitcoin price action before the end of the year. Stating a few reasons, it has predicted that if crypto-inclined presidential candidate Donald Trump wins, the world’s first cryptocurrency would jump to $90k, but if his opponent Kamala Harris secures the presidential position, bitcoin could drop down to $30k.
Bitcoin Will Reach $90K: Bernstein
In a Monday research report, Bernstein analysts expressed opinions on how the U.S. presidential election scheduled for November 5 could affect the crypto market.
“In case of a Trump win and by Q4, we expect bitcoin to reach close to $80,000-$90,000 range. However, if Harris wins, we expect bitcoin to break the current floor around $50,000 and test the $30,000-$40,000 range,” says Gautam Chhugani, one of Bernstein’s top analysts.
Supporting the prediction, the analysts have 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 held in Nashville as a key speaker, where he expressed open support for Bitcoin as the best tool to restructure America’s economy. Also, Trump has revealed plans to fire Gary Gensler from his position as chairman of the U.S. Securities and Exchange Commission (SEC).
Moreover, Trump has vowed to make America the world’s “Capital of Bitcoin“ if he wins the election. In contrast, the analysts noted that Harris has not shared any public view of crypto.
Other Bitcoin Price Predictions
The famous British bank Standard Chartered has predicted a similar outcome for bitcoin to that of Bernstein analysts. Earlier this year, analysts from the bank iterated that the cryptocurrency could jump to $150k if Trump wins the election.
“As we approach the U.S. election, I expect $100,000 to be reached and then $150,000 by year-end in the case of a Trump victory,“ said the bank’s head of forex and digital assets, Geoffrey Kendrick.
Earlier in April, Bernstein analysts also predicted an uptrend in bitcoin’s price to $150k per BTC, stating the approval of Bitcoin Exchange-Traded Funds (ETF) as an important determining factor.
