Predictions for the Bitcoin price 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 that bullish times are on the way for the pioneer cryptocurrency. Bernstein analysts have fallen into the bullish camp, as they predict that the Bitcoin price can actually break $90,000, but there’s a caveat to this prediction.
Donald Trump Needs To Win US Presidential Elections
Bernstein analysts recently revealed that they still believe that the Bitcoin price can rally toward $100,000 from here. However, the event in which this could happen is heavily tied to the highly anticipated United States presidential elections scheduled to take place on Tuesday, November 5, 2024.
In a note to clients on Monday, the analysts, Mahika Sapra, Sanskar Chindalia, and Gautam Chhugani, have brought it down to a preferred candidate and that is former president Donald Trump. According to the analysts, Donald Trump emerging 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 of the crypto industry, holding a couple of millions of dollars worth of cryptocurrency himself. They explained that a victory for Donald Trump would push the price higher, putting it somewhere win the range of $80,000 to $90,000 by the fourth quarter of 2024.
In contrast, they believe that a win for Democratic candidate, Vice President Kamala Harris, would be very bearish for the crypto industry. In fact, they forecast a notable crash in the Bitcoin price if Harris were to emerge victorious over Donald Trump. The target here is a fall below $50,000, and possibly reaching as low as $30,000 in the subsequent crash.