2024-11-6 02:30 |
Less than a day before the polls closed in the United States, crypto analysts continued to offer their two cents on the future of Bitcoin and cryptocurrencies.
For example, many Wall Street analysts say wild BTC market prices will continue after the elections. Other analysts and observers have shared their price predictions based on who will win this Tuesday.
Gautam Chhugani of the Berstein Group projects that Bitcoin can increase to $80,000 or even $90,000 if the Republican Donald Trump wins the election. If Kamala Harris wins the polls, Chhugani expects the BTC price to dip to $50,000.
But Bernstein didn’t stop making Bitcoin predictions immediately after the election; the group remains bullish on Bitcoin in the short term and expects the digital asset to hit $200,000 by 2025.
According to Bernstein analysts, the other key factors driving Bitcoin’s price are the increasing demand for spot BTC ETFs and rising US debts.
Bernstein Adjusts BTC Price Predictions: $50K Under Harris, $80-90K With Trump
Bernstein analysts have adjusted their Bitcoin price estimates based on the potential outcomes of the upcoming U.S. election. If Harris wins, they foresee Bitcoin dropping to around $50,000, while a… pic.twitter.com/Z1zJ21aJ48
— The Wolf Of All Streets (@scottmelker) November 4, 2024
Bernstein’s Bullish Outlook For Bitcoin Next YearAnalysts at Bernstein are betting on Bitcoin and expect its price to reach $200,000 by the end of next year, regardless of the election results. Gautam Chhugani made this bold prediction days before the Americans visited the polls and added that the results would not impact the long-term outlook for the asset.
The analyst’s bullish project on Bitcoin is anchored on several factors. He even likened the asset to a “genie out of the bottle” and said stopping its price trajectory is difficult.
Chhugani identified a few factors that can drive the asset’s price, including increased interest on the BTC ETFs and higher government’s national debt. Last month, Bernstein’s top analyst targeted $100k for Bitcoin but soon revised his projection to reflect changes in market trends.
BTC’s Erratic Price Action Ahead Of ElectionsThis year’s election battle between Trump and Harris is among the most highly debated and anticipated. In addition to traditional polling, data from betting markets like Polymarket became famous, too.
For example, at Polymarket, Trump remains the favorite, cornering 63% of all wagers, with Harris getting 38%. Bernstein analysts say that regardless of the results, the asset will have short-term price movements.
However, they expect BTC to benefit more from a Trump win. In the same Bernstein analysis, Bitcoin may increase to $90,000 if the Republican wins.
Currently, Bitcoin’s price has dropped to $69k to $68k due to profit-taking. Also, analysts noted the weak inflows this week to ETFs. Most analysts agree that Bitcoin is still poised for an end-of-the-year rally.
US Election Results Can Impact Other Digital AssetsThe US elections affect other digital assets besides Bitcoin. For example, in a Harris presidency, Ether may gain due to heightened regulations that can limit the performance of its competition, like Solana.
However, Chhuhani offers a differing view, saying if the SEC adopts moderate policies, these can propel Bitcoin and other assets.
This year’s election cycle puts crypto and the blockchain at the center of debates. Both candidates have shared their thoughts on crypto, with Trump offering more crypto-friendly solutions.
Initially, Democrat Harris was reluctant to offer policy proposals, but she shifted her tone as the campaign moved forward.
Featured image from Invezz, chart from TradingView
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