While Bitcoin (BTC) has been in a downward trend for a long time, the expected strong rally never came.
While the rally is expected to begin with the FED's interest rate decision in September and the US presidential elections in November, Bernstein stated that Bitcoin could rise to $90,000 if Trump wins the elections.
Bernstein analysts said that if Donald Trump wins the 2024 US presidential election, Bitcoin is expected to reach new highs by the end of the year, CoinDesk reported.
Analysts have predicted that the BTC price could reach $90,000 if Trump wins.
In contrast, analysts noted that if Kamala Harris wins the election, they expect Bitcoin to break its current base level of $50,000 and drop to the $30,000-$40,000 range.
Bernsterin noted in his report that Trump has been very outspoken about making the US the Bitcoin and cryptocurrency capital of the world and has mentioned BTC and crypto in every policy speech he has made, but Harris has never mentioned cryptocurrencies in any of her speeches.
Analysts led by Gautam Chhugani said:
“After the regulatory purge over the last three years, a positive crypto regulatory policy could re-encourage innovation and push users’ banks toward blockchain financial products.
“It’s still hard to price predict the election, but if you’re long on crypto here, you’re probably going to be trading Trump.”
*This is not investment advice.