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Bitcoin price predictions have been all over the place, especially when it comes to whether the cryptocurrency can hit a new all-time high after the crash. While bearish sentiments remain strong, there are still analysts who believe bullish times are ahead for the cryptocurrency pioneer. Bernstein analysts have fallen into the bullish camp as they predict that the Bitcoin price could actually break $90,000, but there is a caveat to this prediction.
Donald Trump must win the US presidential election
Bernstein analysts recently revealed that they still believe the Bitcoin price can rise towards $100,000 from here. However, the event in which this could happen is strongly linked to the highly anticipated US presidential election that will take place on Tuesday, November 5, 2024.
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In a letter to clients on Monday, the analysts, Mahika Sapra, Sanskar Chindalia and Gautam Chhugani, narrowed it down to a preferred candidate and that is former President Donald Trump. According to the analysts, the emergence of Donald Trump as the next President of the United States would be great for the Bitcoin price.
This is because Trump has been very vocal about his support for the crypto industry, as he himself owns several million dollars worth of cryptocurrency. They explained that a win for Donald Trump would push the price higher, allowing it to gain between $80,000 and $90,000 sometime in the fourth quarter of 2024.
Instead, they believe that a victory for the Democratic candidate, Vice President Kamala Harris, would be very bearish for the crypto industry. They even predict a notable crash in the Bitcoin price if Harris were to emerge victorious over Donald Trump. The goal here is a drop below $50,000, and possibly even as low as $30,000 in the subsequent crash.
Trump is in favor of Bitcoin
When it comes to Bitcoin, Donald Trump has been the most outspoken candidate, even going so far proposing a national Bitcoin supplywhich is essentially a warehouse for the government-owned BTC. The proposal drew criticism from industry leaders who believe it could lead to the diversion of seized crypto funds from their intended purpose. However, the message in the proposal has already been passed on, and that is Donald Trump’s support for Bitcoin.
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Other initiatives led by the Republican candidate include four non-fungible tokens (NFT) collections released on the Bitcoin Ordinals protocol. Donald Trump also launched a Bitcoin-themed sneaker line in early August, after delivering a keynote speech at the 2024 Bitcoin Conference.
To top it all off, Trump has done just that mentioned earlier that he believes Bitcoin could be a strategic reserve for the United States. All of the above has led investors to believe that a victory for Donald Trump in November would be a victory for crypto.
Featured image created with Dall.E, chart from Tradingview.com