As the U.S. gears up for the 2024 presidential election, analysts from Bernstein suggest that Bitcoin's price trajectory could be heavily influenced by the outcome. Currently valued at around $68,000, Bitcoin's future may swing dramatically depending on whether former President Donald Trump or Vice President Kamala Harris claims victory.
Trump’s Pro-Crypto Position and Potential Bitcoin Surge
Gautam Chhugani, leading Bernstein’s research, predicts a sharp rise in Bitcoin's value if Trump wins. Trump’s pro-crypto campaign and strong connections within the cryptocurrency sector, including figures like Marc Andreessen and the Winklevoss twins, could drive Bitcoin to new highs. Chhugani estimates a potential surge to $80,000-$90,000 within two months of a Trump victory, surpassing the March peak of $73,800.
Correlation Between Bitcoin and Election Odds
Bitcoin’s price has shown a strong correlation with Trump’s electoral odds on blockchain-based betting platforms. When Trump’s odds peaked, Bitcoin also reached a seven-month high. Conversely, as Harris's chances improve, Bitcoin has seen declines, suggesting that investors are closely watching election developments.
Cautious Optimism Leading Up to Election Day
Following a recent peak of over $73,000, Bitcoin’s current price reflects market anticipation as investors brace for election outcomes. Analysts agree that the short-term sentiment surrounding Bitcoin is closely tied to the election, with traders considering the impact of each candidate’s stance on cryptocurrency.
