Less than a day before the polls closed in the United States, crypto analysts continued to offer insights on the future of Bitcoin and cryptocurrencies. Many Wall Street analysts predict wild market prices for Bitcoin (BTC) will persist post-election, with some offering price predictions based on the potential outcomes.
Gautam Chhugani of the Bernstein Group projects that Bitcoin could surge to $80,000 or even $90,000 if Republican Donald Trump wins the election. Conversely, if Kamala Harris secures the presidency, Chhugani expects the BTC price to dip to around $50,000. However, Bernstein’s bullish outlook doesn’t end with the election. The group expects Bitcoin to hit $200,000 by 2025, driven by increasing demand for spot BTC ETFs and rising US debts.
Analysts at Bernstein are highly optimistic about Bitcoin’s future, anticipating its price to reach $200,000 by the end of next year, regardless of who wins the election. Chhugani made this bold prediction just days before Americans visited the polls, asserting that the election results would not significantly impact Bitcoin’s long-term outlook. He described the asset’s price trajectory as a “genie out of the bottle,” difficult to contain.
Several factors underpin Chhugani’s bullish projection for Bitcoin. Increased interest in BTC ETFs and higher national debt levels are key drivers. Last month, Chhugani had targeted $100,000 for Bitcoin but soon revised his projection to reflect changes in market trends. Bitcoin is currently trading at $68,719.
This year’s election battle between Trump and Harris is highly debated and anticipated. Data from betting markets like Polymarket has also become popular in predicting outcomes. At Polymarket, Trump remains the favorite, securing 63% of all wagers, while Harris holds 38%. Bernstein analysts suggest that regardless of the results, Bitcoin will experience short-term price movements, though they anticipate more significant gains if Trump wins.
Currently, Bitcoin’s price has dropped to around $68,000 due to profit-taking and weak ETF inflows this week. Despite this, most analysts agree that Bitcoin is still poised for an end-of-the-year rally.
The US elections also impact other digital assets besides Bitcoin. In a Harris presidency, Ether may benefit from heightened regulations that could limit the performance of competitors like Solana. However, Chhugani notes that moderate policies from the SEC could propel Bitcoin and other digital assets.
This election cycle places crypto and blockchain technology at the center of many debates. Both candidates have shared their views on crypto, with Trump offering more crypto-friendly solutions. Initially, Democrat Harris was hesitant to propose specific policies, but she shifted her tone as the campaign progressed.
