The US presidential elections, which are of critical importance for the Bitcoin and cryptocurrency industry, are getting closer.
With just over a month left until the US elections, the question of how the BTC price will be affected by the election results continues to be discussed.
At this point, it is stated that Donald Trump's possible victory will be a bullish catalyst for BTC, while Bernstein analysts reiterated their prediction that Bitcoin could reach $80,000 to $90,000 if Trump wins the presidential elections.
Bitcoin Will Continue to Be Affected by US Election Results!
According to The Block, Bernstein analysts believe that Bitcoin will rise in the long term regardless of the election result amid low interest rates, the ongoing US fiscal deficit and unprecedented debt. However, analysts say that the US election result is critical for Bitcoin in the short term.
Bernstein analysts Gautam Chhugani, Mahika Sapra and Sanskar Chindalia wrote in a note to clients:
“A Trump win would be progressively positive for Bitcoin and cryptocurrency markets.
In the Trump win scenario, we expect Bitcoin to surpass its previous peak of $74,000 and reach a new high of $80,000 to $90,000.
“If Kamala Harris wins, we think it could test a new bottom at $40,000 in the near term.”
Analysts added that they expect Bitcoin to respond positively as the election approaches and Trump's win rate increases.
Although analysts say that Bitcoin is likely to rise until the election, their views on altcoins differ.
Altcoins Will Continue to Remain in a Certain Range!
Bernstein analysts said they expect altcoins like Ethereum (ETH) and Solana (SOL) to remain within a certain range until the elections.
At this point, analysts said that other cryptocurrencies other than Bitcoin could only rise after the elections when there is more clarity on the opinions of the SEC chairman and regulatory aides in the White House.
Donald Trump has accepted cryptocurrencies for campaign donations while describing himself as a pro-crypto candidate during his election campaign. He has also caught the attention of the crypto industry by promising to appoint a crypto-friendly SEC chairman and create a national strategic Bitcoin reserve for the United States.
Kamala Harris, on the other hand, had not mentioned cryptocurrencies in any of her speeches or statements until recently. However, last month, she mentioned cryptocurrencies for the first time and made general comments about crypto, stating that she would encourage crypto businesses while protecting consumers.
*This is not investment advice.