Analysts Say Bitcoin Will Break $90,000 In Q4 2024 But This Must Happen First
10 September 2024 - 2:00PM
NEWSBTC
Predictions for the Bitcoin price have been all over the place,
especially when it comes to whether the cryptocurrency can hit a
new all-time high after the crash. While bearish sentiments remain
strong, there are still analysts who believe that bullish times are
on the way for the pioneer cryptocurrency. Bernstein analysts have
fallen into the bullish camp, as they predict that the Bitcoin
price can actually break $90,000, but there’s a caveat to this
prediction. Donald Trump Needs To Win US Presidential Elections
Bernstein analysts recently revealed that they still believe that
the Bitcoin price can rally toward $100,000 from here. However, the
event in which this could happen is heavily tied to the highly
anticipated United States presidential elections scheduled to take
place on Tuesday, November 5, 2024. Related Reading: Crypto Analyst
Predicts Dogecoin Will Rise 3,600% To $3.7, Here’s When In a note
to clients on Monday, the analysts, Mahika Sapra, Sanskar
Chindalia, and Gautam Chhugani, have brought it down to a preferred
candidate and that is former president Donald Trump. According to
the analysts, Donald Trump emerging as the next president of the
United States would be great for the Bitcoin price. This is because
Trump has been very vocal about his support of the crypto industry,
holding a couple of millions of dollars worth of cryptocurrency
himself. They explained that a victory for Donald Trump would push
the price higher, putting it somewhere win the range of $80,000 to
$90,000 by the fourth quarter of 2024. In contrast, they believe
that a win for Democratic candidate, Vice President Kamala Harris,
would be very bearish for the crypto industry. In fact, they
forecast a notable crash in the Bitcoin price if Harris were to
emerge victorious over Donald Trump. The target here is a fall
below $50,000, and possibly reaching as low as $30,000 in the
subsequent crash. Trump Favors Bitcoin When it comes to Bitcoin,
Donald Trump has been the most vocal candidate, even going as far
as to propose a national Bitcoin stockpile, which is basically a
repository for the BTC held by the government. The proposal drew
criticism from industry leaders who believe that it could lead to a
diversion of seized crypto funds from their intended purpose.
However, the message in the proposal has already been passed, and
that is Donald Trump’s support for Bitcoin. Related Reading:
Ethereum Forms Falling Wedge Pattern That Could Send Price To
$3,000 Other initatives that have been led by the Republican
candidate including four non-fungible tokens (NFT) collections
released on the Bitcoin Ordinals protocol. Donald Trump also
launched a Bitcoin-themed sneaker line in early August, after
delivering a keynote speech at the 2024 Bitcoin conference. To top
it all off, Trump has previously stated that he believes that
Bitcoin could be a strategic reserve asset for the United States.
All of the above have led investors to believe that a win for
Donald Trump in November would be a win for crypto. Featured image
created with Dall.E, chart from Tradingview.com
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