CandleFocus Bitcoin Price Will Be 'Range Bound' While US Election Is Too Close to Call: Bernstein
2024-10-09
Author: Content Editor
According to Bernstein, the trajectory of Bitcoin's price will be heavily influenced by the outcome of the U.S. presidential election. If Donald Trump wins the 2024 election, Bitcoin could soar to unprecedented levels, surpassing $80,000 to $90,000. However, if Kamala Harris wins, Bitcoin could experience a sharp decline, potentially testing a new low around $40,000. The analysis takes into account market sentiment, with decentralized betting platform Polymarket showing a 7% lead for Trump. Bernstein believes that Polymarket's liquidity of over $1.5 billion in bets reflects actual probability rather than bias. The report also highlights that Trump's administration is expected to provide broader support for digital assets, potentially leading to Bitcoin breaking its previous all-time high. The analysts anticipate that the outcome of the election will impact not only Bitcoin but also other cryptocurrencies such as Ethereum and Solana.
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