The Bitcoin price will likely reach $80,000-90,000 next if Trump wins the election, according to Bernstein analysts.
Trump’s support for Bitcoin and cryptocurrencies is the main reason behind the bullish outlook. In his electoral rallies, he has publicly advocated for the US to become a leader in the cryptocurrency industry.
Key proposals include appointing a crypto-friendly SEC chair to ease regulatory pressures, establishing a national Bitcoin reserve to support BTC adoption, and making the US a hub for Bitcoin mining.
Bitcoin will see “instant dump” on a Harris win
Market analyst Miles Deutscher suggests that Bitcoin will likely reach $100,000 or higher regardless of who wins the US presidential election, but the path and timing would differ based on the outcome.
He argues that Harris winning the US election will cause an “instant dump” in the Bitcoin market. That will likely happen due to market fears that Harris’s administration could maintain or even strengthen regulatory scrutiny on crypto.
Bitcoin to $100K by November’s end?
November has historically been the most profitable month for Bitcoin since 2013, delivering a 46% average return. That has prompted analyst Lark Davis to anticipate similar upside runs in 2024.
“If we see a 46% pump from current prices, it would take BTC to $104,000,” he noted in his recent X post.
The upcoming US Federal Reserve meeting on Nov. 7, where there’s speculation of a 25-basis-point rate cut, may also boost Bitcoin’s upside potential, even if it means a rally toward Bernstein’s $80,000-90,000 target.