Predictions for the Bitcoin price have been all over the place, particularly with regards to whether or not the cryptocurrency can hit a brand new all-time excessive after the crash. While bearish sentiments stay robust, there are nonetheless analysts who consider that bullish occasions are on the way in which for the pioneer cryptocurrency. Bernstein analysts have fallen into the bullish camp, as they predict that the Bitcoin value can really break $90,000, however there’s a caveat to this prediction.
Donald Trump Needs To Win US Presidential Elections
Bernstein analysts just lately revealed that they nonetheless consider that the Bitcoin price can rally towards $100,000 from right here. However, the occasion through which this might occur is closely tied to the extremely anticipated United States presidential elections scheduled to happen on Tuesday, November 5, 2024.
Related Reading
In a word to shoppers on Monday, the analysts, Mahika Sapra, Sanskar Chindalia, and Gautam Chhugani, have introduced it right down to a most popular candidate and that’s former president Donald Trump. According to the analysts, Donald Trump rising as the following president of the United States can be nice for the Bitcoin value.
This is as a result of Trump has been very vocal about his help of the crypto business, holding a few hundreds of thousands of {dollars} value of cryptocurrency himself. They defined {that a} victory for Donald Trump would push the price higher, placing it someplace win the vary of $80,000 to $90,000 by the fourth quarter of 2024.
In distinction, they consider {that a} win for Democratic candidate, Vice President Kamala Harris, can be very bearish for the crypto business. In truth, they forecast a notable crash within the Bitcoin value if Harris had been to emerge victorious over Donald Trump. The goal right here is a fall below $50,000, and probably reaching as little as $30,000 within the subsequent crash.
Trump Favors Bitcoin
When it involves Bitcoin, Donald Trump has been probably the most vocal candidate, even going so far as to propose a national Bitcoin stockpile, which is mainly a repository for the BTC held by the federal government. The proposal drew criticism from business leaders who consider that it may result in a diversion of seized crypto funds from their supposed goal. However, the message within the proposal has already been handed, and that’s Donald Trump’s help for Bitcoin.
Related Reading
Other initatives which have been led by the Republican candidate together with four non-fungible tokens (NFT) collections launched on the Bitcoin Ordinals protocol. Donald Trump additionally launched a Bitcoin-themed sneaker line in early August, after delivering a keynote speech on the 2024 Bitcoin convention.
To high all of it off, Trump has previously stated that he believes that Bitcoin might be a strategic reserve asset for the United States. All of the above have led buyers to consider {that a} win for Donald Trump in November can be a win for crypto.
Featured picture created with Dall.E, chart from Tradingview.com
