Bernstein said that as November’s election day approaches, Bitcoin will eventually break out of this year’s tight trading range. After reaching an all-time high in March, the flagship cryptocurrency has hovered between $55,000 and $70,000 for much of the year and is likely to remain in limbo until the United States determines its next president on November 5. . Influence. “We expect the difference between the two political outcomes to be substantial,” he said in a note on Monday. “We expect Bitcoin to return to new highs, and if Trump wins, by Q4 we expect Bitcoin to reach a range closer to $80,000 to $90,000. However, if Harris wins, we expect Bitcoin to break above the current $50,000 USD near the bottom and testing the $30,000 to $40,000 range, which is where Bitcoin ETF momentum begins in Q4 2023 BTC.CM= YTD Bitcoin Year-To-Date Standard Chartered predicts that Bitcoin will be lower if Trump wins. Bitcoin set to rise to $150,000. Trump made a major gesture to the crypto industry this summer: He positioned himself as a pro-cryptocurrency candidate, serving as a keynote speaker at this year’s Bitcoin conference in Nashville. And said he would oust Securities and Exchange Commission Chairman Gary Gensler if elected. Harris has not publicly expressed her views on cryptocurrencies when her campaign recently shared her policy stance but did not mention Bitcoin. or cryptocurrencies, many crypto industry players are disappointed: “The crypto-friendly election results and positive regulatory environment are not reflected in prices. “Today’s cryptocurrency market is a story of survival in one of the toughest macro and regulatory environments. The fact that Bitcoin is up 112% today (past 12 months) is a testament to the fundamentals of decentralized digital assets.” Resilience and the recent success of ETFs. He added: “A positive regulatory environment will remove policy risks for financial institutions and banks to participate, thereby removing barriers to institutional flows of digital assets competing with traditional assets. “After the regulatory cleanup of the past three years, proactive cryptocurrency regulatory policies can once again stimulate innovation and bring users back to financial products on the blockchain. Democratic lawmakers are considered less friendly to cryptocurrencies, largely due to Massachusetts Sen. Elizabeth Warren’s public anti-crypto stance and Gensler’s past legal battles with the crypto community, than Republican lawmakers. However, this This situation is changing rapidly, TD Cowen recently noted that if Harris wins the election, her administration may not be as hostile to cryptocurrencies as President Joe Biden, although more so than a potential second-term Trump President. Challenging.
