Bitcoin (BTC) price continues to hover around $68,000 ahead of a key U.S. Presidential election that could have a major effect on the financial market, including BTC and other altcoins such as DOGE, SOL, and ETH.
Polls such as Polymarket show a tight race between former President Donald Trump and Vice President Kamala Harris, leading to speculation from analysts who are forecasting how the outcome could impact BTC’s price trajectory.
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Trump Win Could Propel Bitcoin to $100K
A top analyst at Bernstein has predicted the price of BTC if Trump wins the 2024 U.S. presidential election, which will be held on November 5th. He has speculated that a win would be the needed catalyst to see Bitcoin (BTC) rally high to $100k.
Trump’s vocal support for Bitcoin and crypto has remained a big positive for many crypto enthusiasts as Trump has touted his plans for a more crypto-friendly regulatory environment, signaling a shift towards the U.S. embracing digital assets with other plans, including new appointment of pro-Bitcoin SEC chair, establishing a national Bitcoin reserve, and transforming the U.S. into a global Bitcoin mining hub.
This analysis comes as a big boost for Bitcoin and the crypto market at large. Historical data aligns with Bitcoin in the past when Trump was appointed as U.S. president in 2016. This led to Bitcoin’s price rallying in just a year to a high of $40,000, highlighting over 10,000% for the digital asset.
With 2024 marking BTC’s fourth halving and an election poll just around the corner, Bernstein’s bullish outlook suggests BTC could soon breach new all-time highs, in line with historical trends.
Could Harris Win Trigger an Immediate BTC Sell-Off?
Crypto influencer and analyst Miles Deutscher took to his X account to express a contrasting view on BTC’s ultimate movement. He has speculated that the price of BTC would still rally past $100k regardless of who wins the U.S. 2024 Presidential election.
He has also warned that the crypto market could see a sell-off should Harris become U.S. president, as the crypto market could see an intense crackdown and stiff regulatory policies. This viewpoint is echoed in rising bets on Polymarket for a post-election Bitcoin drop, with most wagers predicting a dip to $65,000.
There have been many concerns over Harris’s regulatory stance in the past, which has resulted in more caution for many crypto investors looking to leverage opportunities. Her administrations have shown much regulatory pressure on the crypto space, and a win for Harris could reek fears among many investors.
BTC’s Best Month Could Push to $100K
Past price action has highlighted November historically delivering impressive returns for BTC, as the price of BTC on average for November has rallied by a 46% gain since 2013. Crypto analyst and influencer Lark Davis believes this trend could repeat in 2024, pushing BTC past $100,000 by month’s end.
BTC trades around $68,760; a 46% surge would position it firmly above the $100K mark. In a recent post, He highlighted this prospect, emphasizing the alignment between a potential Trump win and Bitcoin’s historic November performance.
Past historical data on the convergence of a potential Trump win, historical halving cycles, and strong November performance have set the tone for a possible Bitcoin breakout. However, market uncertainty is bound to prevail until the election is decided. Whichever candidate emerges victorious, the coming days promise to be pivotal for Bitcoin.
