According to analysts at research and brokerage firm Bernstein, Bitcoin is seen as a “Trump trade” and the outcome of the US presidential election in November could greatly impact the future of the cryptocurrency industry.
If Republican candidate Donald Trump wins, analysts predict Bitcoin to reach new highs and potentially reach a value of $80,000 to $90,000 by the end of Q4.
However, if current Vice President Kamala Harris wins, it is likely that Bitcoin will drop below the current $50,000 floor and fall back to levels in the range of $30,000 to $40,000, where the momentum for spot Bitcoin exchange-traded funds began.
This prediction is based on the analysts’ observation that the crypto industry has received more support from the Trump side, while industry leaders have been more open-minded with the Harris campaign.
The analysts also noted that the regulatory environment for crypto has been challenging, with actions taken against fraudulent platforms such as FTX and Luna, as well as major companies like Coinbase and Uniswap, leading to partisan debates.
