As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of market predictions and their underlying factors. However, the recent prediction by Bernstein analysts that the Bitcoin price could hit $90,000, contingent on Donald Trump winning the 2024 U.S. Presidential elections, is a unique one.
The forecasts regarding Bitcoin‘s price have shown great variation, particularly concerning whether it might reach a fresh record high following its fall. Despite persistent bearish opinions, some analysts remain optimistic that a bullish phase is imminent for the original cryptocurrency. Analysts from Bernstein are among those in the optimistic camp, as they foresee the Bitcoin price potentially exceeding $90,000. However, it’s important to note that this prediction comes with a condition.
Donald Trump Needs To Win US Presidential Elections
Bernstein analysts have shared their continued conviction that Bitcoin’s price could potentially surge towards $100,000. This predicted rise might be influenced significantly by the upcoming U.S. presidential elections slated for November 5, 2024.
On Monday, analysts Mahika Sapra, Sanskar Chindalia, and Gautam Chhugani indicated in a client memo that their preferred candidate is ex-president Donald Trump. The analysts believe that if Donald Trump wins the presidency again, it could positively impact the price of Bitcoin.
This prediction is based on the fact that Donald Trump has been openly advocating for the crypto industry and reportedly owns several million dollars’ worth of cryptocurrency himself. The analysts suggest that if Trump wins in the upcoming elections, it could potentially boost the value of cryptocurrencies, with estimates predicting a price range between $80,000 and $90,000 by the last quarter of 2024.
Opponents predict that if Vice President Kamala Harris wins, it could be quite unfavorable for the crypto industry. They anticipate a significant drop in Bitcoin’s price if this happens. The projected target is a fall below $50,000, with potential further decline to around $30,000.
Trump Favors Bitcoin
In terms of Bitcoin, Donald Trump stands out among other candidates as the most vocal proponent, suggesting an idea of a national Bitcoin reserve, essentially a government-owned storage for Bitcoins. This suggestion faced criticism from industry experts who worry it might redirect confiscated cryptocurrency funds away from their original purpose. Nevertheless, it’s clear that Trump expresses a favorable stance towards Bitcoin.
Apart from his other initiatives, the Republican candidate has spearheaded four unique digital art collections using the Bitcoin Ordinals protocol, known as Non-Fungible Tokens (NFTs). In addition to this, Donald Trump unveiled a line of Bitcoin-themed sneakers in early August, following his keynote speech at the 2024 Bitcoin conference.
In addition, it’s worth noting that Trump has expressed his opinion that Bitcoin could function as a strategic reserve asset for the U.S. in the past. This, combined with other factors, has caused many investors to speculate that a victory for Trump in November could potentially benefit cryptocurrencies.
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2024-09-10 15:04