After examining the potential impact of the upcoming United States presidential election on crypto, analysts at wealth management company Bernstein have claimed that Bitcoin will likely trend downward to $30,000 if Vice President Kamala Harris defeats Republican candidate Donald Trump.
However, they have shared a bullish view if Trump wins. According to Bernstein’s report, digital asset users welcome Trump’s pro-crypto stance and believe it could be a foundation of a significant rally if he wins on November 5.
Over the past few months, Trump has made positive statements about crypto while claiming that he aims to make the United States the world’s “Crypto Capital.” Moreover, he continues to receive donations in digital currencies four years after calling crypto a scam.
Beinstein Predicts a Move to $90K If Trump Wins
The Bernstein analysts have predicted that BTC could rally to $90,000 before the end of the fourth quarter if Trump defeats Harris. On the other hand, they see Harris’ victory as a continuation of the current hostile regulatory environment, which has caused several blockchain-based companies to move out of the US.
The Democratic government, led by President Joe Biden, has taken a tough stance on crypto, leveling multiple enforcement actions against crypto companies, from exchanges to NFT projects. That explains why many fear Harris will continue going after crypto firms if she wins the elections.
In its report, Bernstein says Trump’s win could signal a favorable regulatory environment, which will likely promote blockchain innovations, and drive institutions back to the crypto space.
The wealth management firm has insisted that Trump’s victory is bullish for Bitcoin and associates the current price action with the fact that Kamala has gone ahead of the former president in recent polls.
Bitcoin and Ethereum Plummet in the Past 24 Hours
Bitcoin trades at $56,465 as of this writing. According to data on CoinGecko, the digital currency has failed to stay above $58,000 in the past 24 hours, signaling increased selling pressure at higher levels.
BTC isn’t the only crypto witnessing selling activity. Ethereum, which ranks second-largest by market capitalization, has also trended downward in the past day. It changes hands for $2,316 at press time.
