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US Election is Tomorrow – Here are 6 Experts’ Predictions for Bitcoin Price After the Election
The cryptocurrency world is closely following tomorrow’s US elections. Here are 6 experts’ views on Bitcoin price.
Author:
Mete Demiralp
04.11.2024 – 17:13
Update:
58 mins ago
0
As the 2024 US presidential election draws near, experts are divided on the potential direction of Bitcoin’s price following the outcome.
The contest between former President Donald Trump and Vice President Kamala Harris could lead to markedly different price paths for the world’s leading cryptocurrency.
Market analysts suggest that Donald Trump’s campaign promises could trigger a Bitcoin rally. His pledges include stopping the Securities and Exchange Commission’s (SEC) crackdown on crypto, releasing Silk Road founder Ross Ulbricht, and establishing a national Bitcoin reserve. These actions would represent a significant regulatory shift that many in the crypto community believe would be beneficial for the sector.
Joshua de Vos, Research Leader at CCData, foresees a short-term surge in Bitcoin’s price if Trump is victorious. “The market will react positively to the increased regulatory certainty under his administration,” de Vos mentioned in an interview.
Predictions on the extent of this potential rally vary. Bernstein analysts envision a rise to $90,000, whereas FRNT Financial’s David Brickell and former forex trader Chris Mills see Bitcoin potentially reaching a new high of $100,000. Standard Chartered presents an even more optimistic scenario, suggesting that “a Red Sweep (Republican wins in the presidency, Senate, and House) could propel Bitcoin’s value to $125,000 by the end of 2024.”
Kamala Harris’ position on cryptocurrencies has been more ambiguous. Although her campaign has expressed interest in the sector, Harris has mainly focused on promoting innovation in technologies such as artificial intelligence and digital assets.
Critics argue that Harris’ stance remains unclear and indicates a continuation of President Joe Biden’s stricter regulatory measures. “If Kamala Harris wins, we might witness a short-term negative market reaction as it adjusts to new uncertainties,” De Vos noted. However, he also mentioned that Harris’ administration might provide clearer guidelines than the current policies.
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In this context, Bernstein analysts estimate that Bitcoin could drop by about 30% and find a bottom around $50,000. Conversely, Standard Chartered is more positive, forecasting that a Harris victory could see Bitcoin climb to $75,000 by year’s end.
Regardless of the election outcome, analysts concur that Bitcoin’s long-term prospects remain bright. “The Bitcoin monster has emerged, and reversing this trend is difficult,” Bernstein commented, projecting that the cryptocurrency could hit $200,000 by the end of 2025.
David Brickell and Chris Mills also pointed to macroeconomic factors that might influence Bitcoin’s price in the upcoming months, such as potential Federal Reserve rate cuts and stimulus measures in China. “The macro backdrop is supportive for Bitcoin to close the year significantly above current levels,” stated Javier Rodriguez-Alarcon, Chief Commercial Officer at XBTO, with potential to reach $100,000.
*This is not investment advice.
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