Bitcoin (CRYPTO: BTC) could reach $90,000 if Donald Trump secures the presidency, whereas a Kamala Harris win could see Bitcoin stabilizing at a $50,000 floor before any recovery, according to new analysis.
These predictions come at a time when both candidates have notably addressed crypto policy, making this election pivotal for the industry.
What Happened: “Bitcoin is resilient to election outcomes,” Bernstein’s report states, emphasizing that its primary drivers remain U.S. fiscal policies, record debt levels and monetary expansion. “The Bitcoin genie is out of the bottle, and it is hard to reverse this course,” the report stated, reinforcing Bitcoin’s long-term growth prospects irrespective of the election result.
In the short term, Bernstein believes the election will influence crypto sentiment.
“We expect Bitcoin to break all-time highs on a Trump win, reaching close to $80,000-90,000 in the next few weeks prior to Jan. 20 inauguration day,” the report notes.
This projection is based on Trump’s perceived pro-crypto stance, which could bring regulatory clarity beneficial to Bitcoin and the broader crypto market.
On the other hand, Harris’s approach, seen as a continuation of existing Democratic policies, may test Bitcoin’s resilience.
“A Harris win is also not priced in the short term, where Bitcoin could test the $50K floor before staging any recovery,” Bernstein added.
Why It Matters: The report also touches on the potential regulatory landscape for other crypto assets, such as Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL), stating that under a Harris administration, Ethereum may see a more protected position with the approval of its ETF, which could limit competition for new regulated products like a Solana ETF.
However, the report states that bipartisan support and a crypto-friendly SEC would benefit all blockchain assets, emphasizing that “the utility argument for blockchain assets depends on a favorable regulatory framework for stablecoin payments, tokenization of traditional assets, and clarity on the security status of crypto assets.”
These anticipated market shifts will be a focal point at Benzinga’s Future of Digital Assets event on Nov. 19, where experts will discuss the implications of the election on the crypto landscape and what investors should anticipate.
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