The outlook for Bitcoin (BTC) price thus far this September has been bearish with the coin dropping by more than 4% already. Despite the current outlook, Bernstein Analysts have a conditional projection for the coin. As Bernstein Analysts Gautam Chhugani, Mahika Sapra and Sanskar Chindalia said, BTC price may jump as high as $90,000 if Donald Trump wins the coming election.

BTC Price To Breach Previous All-Time High

When the premier digital currency attained its All-Time High (ATH) of $73,750.07, many had higher hopes. However, the coin disappointed as inflows into spot Bitcoin ETF which served as its catalyst slowed down.

As it stands, analysts believe a major shift is required to take the coin’s price back to its previous ATH. For the Bernstein analyst, the fight between Donald Trump and Kamala Harris might provide the needed shift. They believe a rally to $80,000 to $90,000 is feasible if the former President retakes the White House.

These analysts are not so optimistic in the case of a Kamala Harris win. This is justified considering Harris shunned Bitcoin again in her newly published Policy agenda. They believe is she wins, BTC price may fall below the $50,000 support level. Under extreme cases, they see the coin dropping as low as $30,000 to $40,000.

In justifying their BTC price position, they pointed out the better warmth from the Donald Trump camp toward crypto initiatives. The pointed out the crackdown against firms like FTX Derivatives Exchange and Terraform Labs following their implosion.

However, the Biden Administration, which Kamala Harris is a part of, has extended the crackdown to other firms.

Recently, OpenSea received a Wells Notice from the SEC. The markets regulator claimed the NFT marketplace supports the trading of digital collectibles it tags as securities. The Bernstein analysts said this has eroded trust in the regulator and the administration.

Vocal Donald Trump Gaining Traction

Since the start of the electioneering campaign, former President Donald Trump has been quite vocal about his plans for Bitcoin. The most recent Trump plans to make the US a Bitcoin mining powerhouse has further endeared him to the community.

The analysts are confident these trends might play a role in favoring BTC price should he win.

Notably, there are other factors that might also influence positive Bitcoin price growth in the coming months. Despite the fact that Bitcoin ETF products are performing badly at the moment, Bloomberg ETF Analyst Eric Balchunas is still bullish on the asset class.

In addition, the Federal Reserve plans to cut interest rate as early as this month. If implemented, it might help Bitcoin reverse its bearish trend over the past month. As of writing, the coin is changing hands for $56,514.65, up by 3.68% in 24 hours.

Read More: US Election Not Likely To Impact Bitcoin Rally, VanEck Exec Says

 

The post Bernstein Predicts BTC Price To Hit $90K If Donald Trump Wins appeared first on CoinGape.

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Filed under: News - @ September 9, 2024 6:21 pm