Originally published on: November 04, 2024
As the US presidential election draws near, the future of Bitcoin (BTC) hangs in the balance. With polls showing a tight race between former President Donald Trump and Vice President Kamala Harris, analysts are making bold predictions about where Bitcoin’s price could go next.
According to Bernstein analysts, if Trump emerges victorious, Bitcoin could soar to $80,000-90,000. This optimistic outlook is fueled by Trump’s vocal support for Bitcoin and cryptocurrencies. His plans to position the US as a cryptocurrency industry leader include appointing a crypto-friendly SEC chair, establishing a national Bitcoin reserve, and making the US a hub for Bitcoin mining.
Bernstein’s forecast is supported by a fractal analysis revealing that Bitcoin tends to hit new all-time highs following US presidential elections and halving events. In past cycles, Bitcoin experienced significant price surges after halving events, such as in 2013 and 2017.
While some predict an “instant dump” in the Bitcoin market if Harris wins the election, others like market analyst Miles Deutscher believe Bitcoin will reach $100,000 or higher regardless of the outcome. However, the trajectory and timing of this price increase may vary depending on the election result.
Despite concerns of regulatory scrutiny under Harris, the historical trend of November being a profitable month for Bitcoin remains strong. Analysts anticipate potential upside runs in the coming years, with the possibility of Bitcoin reaching $104,000 in November 2024.
The upcoming US Federal Reserve meeting on Nov. 7 could further bolster Bitcoin’s price, especially if there’s speculation of a rate cut. The convergence of Bitcoin’s strong November performance, potential Fed actions, and the pro-crypto stance of Trump’s candidacy paint an optimistic picture for Bitcoin’s price trajectory.
While Bitcoin’s price has seen fluctuations in recent days, with a slight increase before the election, traders are cautious as they reduce their positions ahead of the Nov. 5 election. It’s important to note that this article does not provide investment advice, and readers should conduct their research before making any investment decisions.
Stay informed on the latest investment opportunities and market trends by subscribing to the Markets Outlook newsletter, delivering critical insights every Monday. Subscribe now to refine your trading strategies and mitigate risks.
