Bitcoin’s Price Outlook: Election Impacts with Trump or Harris in 2024

Bitcoin’s Price Outlook: Election Impacts with Trump or Harris in 2024
Key Takeaways
Trump’s Impact Analysts predict Bitcoin could rise to $80,000-$90,000 if Trump wins, due to his pro-crypto stance.
Harris’s Impact Under Harris, Bitcoin might test $50,000, as her administration is expected to uphold stricter crypto regulations.
Long-Term Forecast Bernstein analysts maintain a $200,000 target by 2025, regardless of election outcome, due to crypto’s growing adoption.

Bitcoin prices are expected to be highly responsive to the U.S. presidential election outcome. According to Bernstein analysts, a victory for former President Donald Trump could push Bitcoin to unprecedented highs, while a win for Vice President Kamala Harris might see the cryptocurrency dip significantly.

Bitcoin's Projected Movements Under Trump and Harris

Bitcoin, currently valued at around $68,000, is anticipated to surge if Trump, who has embraced a pro-crypto platform, secures the presidency. Bernstein’s Gautam Chhugani noted that the cryptocurrency could reach between $80,000 and $90,000, surpassing previous highs. However, if Harris wins, Bitcoin could test $50,000 due to expectations of tighter regulatory oversight.

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Long-Term Bitcoin Price Target Remains Bullish

Despite the short-term fluctuations analysts anticipate based on the election, the Bernstein group maintains a highly bullish stance, targeting a price of $200,000 by the end of 2025. They attribute this forecast to the wider adoption of Bitcoin and the influence of new financial products like Bitcoin ETFs, which further legitimize the cryptocurrency.

Market Dynamics and Election Correlation

Analysts observed a correlation between Trump’s election odds and Bitcoin prices, as seen on blockchain-based election betting platforms. Bitcoin reached its seven-month high on a day when Trump’s odds peaked, demonstrating how investor sentiment ties closely to perceived crypto-friendly policies.

Broader Market Context and Analyst Perspectives

Other major Wall Street analysts, such as Standard Chartered’s Geoff Kendrick, also predict Bitcoin gains under a Trump administration, with an end-of-year target of $125,000 if he wins. Kendrick expects a more conservative $75,000 target under a Harris presidency, reflecting caution due to regulatory concerns.

Trump’s growing appeal to the crypto industry is underscored by endorsements from industry leaders, including billionaire investors Cameron and Tyler Winklevoss. His running mate, JD Vance, is also a prominent Bitcoin investor, further cementing Trump’s pro-crypto stance.

Conclusion

Bitcoin’s price trajectory in the immediate future is likely to be influenced by the presidential election outcome. While the long-term forecast for the cryptocurrency remains positive, traders are closely watching for short-term volatility depending on the regulatory approach taken by either administration.

Source: Forbes

Location: Washington, DC, USA

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