Bitcoin At $200,000 By 2025? Bernstein Predicts Target Despite Election Impact
November 05 2024 - 6:30PM
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Less than a day before the polls closed in the United States,
crypto analysts continued to offer their two cents on the future of
Bitcoin and cryptocurrencies. For example, many Wall Street
analysts say wild BTC market prices will continue after the
elections. Other analysts and observers have shared their price
predictions based on who will win this Tuesday. Related Reading:
Why One Analyst Says Now’s The Time To Buy XRP—Before It Hits $14
Gautam Chhugani of the Berstein Group projects that Bitcoin can
increase to $80,000 or even $90,000 if the Republican Donald Trump
wins the election. If Kamala Harris wins the polls, Chhugani
expects the BTC price to dip to $50,000. But Bernstein didn’t stop
making Bitcoin predictions immediately after the election; the
group remains bullish on Bitcoin in the short term and expects the
digital asset to hit $200,000 by 2025. According to Bernstein
analysts, the other key factors driving Bitcoin’s price are the
increasing demand for spot BTC ETFs and rising US debts. Bernstein
Adjusts BTC Price Predictions: $50K Under Harris, $80-90K With
Trump Bernstein analysts have adjusted their Bitcoin price
estimates based on the potential outcomes of the upcoming U.S.
election. If Harris wins, they foresee Bitcoin dropping to around
$50,000, while a… pic.twitter.com/Z1zJ21aJ48 — The Wolf Of All
Streets (@scottmelker) November 4, 2024 Bernstein’s Bullish Outlook
For Bitcoin Next Year Analysts at Bernstein are betting on Bitcoin
and expect its price to reach $200,000 by the end of next year,
regardless of the election results. Gautam Chhugani made this bold
prediction days before the Americans visited the polls and added
that the results would not impact the long-term outlook for the
asset. The analyst’s bullish project on Bitcoin is anchored on
several factors. He even likened the asset to a “genie out of the
bottle” and said stopping its price trajectory is difficult.
Chhugani identified a few factors that can drive the asset’s price,
including increased interest on the BTC ETFs and higher
government’s national debt. Last month, Bernstein’s top analyst
targeted $100k for Bitcoin but soon revised his projection to
reflect changes in market trends. BTC’s Erratic Price Action Ahead
Of Elections This year’s election battle between Trump and Harris
is among the most highly debated and anticipated. In addition to
traditional polling, data from betting markets like Polymarket
became famous, too. For example, at Polymarket, Trump remains the
favorite, cornering 63% of all wagers, with Harris getting 38%.
Bernstein analysts say that regardless of the results, the asset
will have short-term price movements. However, they expect BTC to
benefit more from a Trump win. In the same Bernstein analysis,
Bitcoin may increase to $90,000 if the Republican wins. Currently,
Bitcoin’s price has dropped to $69k to $68k due to profit-taking.
Also, analysts noted the weak inflows this week to ETFs. Most
analysts agree that Bitcoin is still poised for an end-of-the-year
rally. Related Reading: Bitcoin Mining Costs Spike To Nearly $50K
As Miners Look To AI For Survival US Election Results Can Impact
Other Digital Assets The US elections affect other digital assets
besides Bitcoin. For example, in a Harris presidency, Ether may
gain due to heightened regulations that can limit the performance
of its competition, like Solana. However, Chhuhani offers a
differing view, saying if the SEC adopts moderate policies, these
can propel Bitcoin and other assets. This year’s election cycle
puts crypto and the blockchain at the center of debates. Both
candidates have shared their thoughts on crypto, with Trump
offering more crypto-friendly solutions. Initially, Democrat Harris
was reluctant to offer policy proposals, but she shifted her tone
as the campaign moved forward. Featured image from Invezz, chart
from TradingView
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