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US Election is Tomorrow – Here are 6 Experts’ Predictions for Bitcoin…
US Election is Tomorrow – Here are 6 Experts’ Predictions for Bitcoin Price After the Election
The cryptocurrency world is eagerly anticipating tomorrow’s US elections. Here are 6 experts’ opinions on the possible trajectory of Bitcoin’s value.
Author:
Mete Demiralp
04.11.2024 – 17:13
Update:
58 mins ago
0
As the 2024 US presidential election looms, experts have differing opinions on the potential direction of Bitcoin’s price contingent upon the election results.
The contest between ex-President Donald Trump and Vice President Kamala Harris could potentially result in diametrically opposed price trajectories for the world’s leading cryptocurrency.
Market analysts suggest that Donald Trump’s campaign commitments could trigger a Bitcoin surge. Trump’s pledges include ceasing the Securities and Exchange Commission’s (SEC) crypto crackdown, liberating Silk Road founder Ross Ulbricht, and establishing a national Bitcoin reserve. These actions would represent a regulatory reversal that crypto buffs argue would favor the industry.
Joshua de Vos, Research Leader at CCData, forecasts a short-term surge in Bitcoin’s price if Trump emerges victorious. “The market will react positively to the increased regulatory certainty under his administration,” de Vos stated in an interview.
Predictions differ regarding the extent of this potential surge. Bernstein analysts anticipate a rise to $90,000, while FRNT Financial’s David Brickell and former forex trader Chris Mills forecast Bitcoin could hit a record $100,000. Standard Chartered presents an even more optimistic view, proposing that “a Red Sweep (Republican victories in the presidency, Senate, and House) could propel Bitcoin’s value to $125,000 by the close of 2024.”
Kamala Harris’ viewpoint on cryptocurrencies is less clear-cut. Although her campaign has demonstrated interest in engaging with the sector, Harris’ personal comments have primarily centered on promoting innovation in technologies such as artificial intelligence and digital assets.
Crypto skeptics argue that Harris’ stance is ambiguous and indicates that President Joe Biden’s stricter regulatory strategy will persist. “If Kamala Harris wins, we could witness a short-term negative reaction as the market adjusts to new uncertainties,” De Vos stated. However, he also noted that Harris’ administration could provide more clarity compared to existing policies.
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Under this scenario, Bernstein analysts predict that Bitcoin could plummet by approximately 30% and bottom out around $50,000. However, Standard Chartered is more hopeful, predicting that if Harris ascends to the presidency, Bitcoin could increase to $75,000 by year’s end.
Regardless of the election’s outcome, analysts concur that the long-term prospects for Bitcoin are robust. “The Bitcoin monster has emerged, and it’s difficult to reverse this trend,” Bernstein stated, predicting that the cryptocurrency could reach $200,000 by the close of 2025.
David Brickell and Chris Mills also underscored macroeconomic factors that could influence Bitcoin’s price in the forthcoming months, such as possible Fed rate reductions and Chinese stimulus initiatives. “The macro backdrop is supportive for Bitcoin to finish the year well above current levels,” opined Javier Rodriguez-Alarcon, Chief Commercial Officer at XBTO, potentially hitting $100,000.
*This is not investment advice.
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