The U.S. presidential election has garnered much attention from the crypto market and according to analysts from Bernstein, a victory for Donald Trump may impact Bitcoin price. The brokerage firm has set the price for Bitcoin at between $80,000 and $90,000 if Trump wins the presidency.
Moreover, Polymarket has offered odds suggesting Trump as leading current Vice President Kamala Harris by a huge margin.
Bitcoin To Hit $90,000 In Case of Trump Win In Coming US Elections
Notably, Bernstein’s analysis shows that if Trump wins the election, this would be very bullish for Bitcoin investors. The research and brokerage firm pointed out that Bitcoin may surge past the previous high of $74,000 and move to new levels of $80K to $90K.
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In addition, the analysts came up with their forecast based on Trump’s positive attitude towards cryptocurrencies, his plans to make America the world’s largest Bitcoin mining hub, appoint a crypto-friendly SEC chairman, and create a national strategic Bitcoin reserve.
On the other hand, if Kamala Harris wins the election and she has not been as vocal about Bitcoin, then it may slide to the $40K level. This expectation is based on possible relatively adverse regulatory policies during a potential Harris administration.
More recently, trends on Polymarket, a blockchain-based prediction market, have revealed a significant shift in election probabilities. Bernstein analysts also pointed out that the odds for Trump had increased after his recent campaign rally in Butler, Pennsylvania, and endorsements from tech entrepreneur Elon Musk.
As of now, per Polymarket data, Trump has a 7% lead over Harris, with a probability of 53.2% against Harris’s 46.2%. This change is the highest for the Republican candidate since Harris’s nomination acceptance speech.
Moreover, the election result seems to have a direct impact on the short-term pricing of Bitcoin. According to Bernstein analysts, Bitcoin is likely to gain if Trump’s chances increase.
Elon Musk’s Endorsement and Crypto Predictions
Tesla CEO, Elon Musk, has also influenced the election odds as he endorsed Donald Trump. Musk’s presence in Trump’s Pennsylvania rally has helped to change the betting odds. At the rally, Musk stressed the significance of Trump’s victory in the upcoming November presidential elections. He said,
“President Trump must win in order to keep the constitution and democracy in the United States of America.”
Additionally, Musk has explained the possible effects on the U.S. and its attitude towards cryptocurrencies. He has opined that the Trump Administration will be better for the crypto industry.
This endorsement comes at a time when the U.S. is expected to play a leading role in determining the global regulation of crypto assets. The US election results will determine the future of crypto regulation in the country, which is why the result is important for the market..
At the time of writing, Bitcoin price stands at $60,655.16, reflecting a one-month increase of 6.18%. The cryptocurrency’s market cap has slightly declined by 2.42%, positioning it at approximately $1.198 trillion.
