As the U.S. election approaches, crypto enthusiasts are speculating on how it could influence Bitcoin’s (BTC) price. According to a recent report by broker Bernstein, the election result could lead to very different outcomes for the world’s largest cryptocurrency.
Bitcoin Could Surge if Trump Wins
If Donald Trump secures victory in November, Bitcoin is predicted to hit new highs. Bernstein estimates BTC could skyrocket to $90,000 by the fourth quarter. Trump has been a vocal supporter of digital assets, consistently advocating for the U.S. to become the “crypto capital of the world.” His policies could potentially include a national Bitcoin stockpile, the appointment of a crypto-friendly SEC chairman, and increased focus on Bitcoin mining.
Kamala Harris Victory Could Lead to Bitcoin Decline
On the other hand, if Kamala Harris wins, Bitcoin may drop to as low as $30,000. The report suggests that Harris has not addressed crypto in her speeches, indicating a possible lack of focus on the industry. This could cause Bitcoin to test its lower support levels, possibly falling into the $30,000-$40,000 range.
Macro and Regulatory Headwinds
For the past three years, the crypto market has faced macroeconomic challenges and regulatory scrutiny. A Trump victory could introduce positive regulatory changes that might spur innovation and bring users back to blockchain-based financial products, Bernstein analysts noted.
