Bitcoin At $200k? Bernstein Predicts Price Regardless of Election Impact

Less than a day before the polls closed in the United States, crypto analysts continued to offer their two cents on the future of Bitcoin and cryptocurrencies.

After adjusting their Bitcoin price predictions based on the potential outcomes of the upcoming U.S. election, Bernstein analysts are now predicting that Bitcoin could hit $200,000 by the end of next year.

The analysts, led by Gautam Chhugani, had initially predicted that Bitcoin would trade for around $80,000 to $90,000 if Republican candidate Donald Trump won the election. They expected the BTC price to drop to $50,000 if Democrat candidate Kamala Harris won.

However, Bernstein’s latest analysis seems to indicate that the election results will not impact the asset’s long-term price trajectory. Chhugani reportedly stated that the short-term price movements will be affected by the election, but they expect Bitcoin to benefit more from a Trump win.

According to the Bernstein analysts, if Harris wins the election, Bitcoin could trade for around $50,000. But if Trump wins, they expect BTC to hit $80,000 to $90,000.

The analysts also noted that if Harris wins the polls, the BTC price could dip to $50,000. But Bernstein didn’t stop making Bitcoin predictions immediately after the election; the group remains bullish on Bitcoin in the short term and expects the digital asset to hit $200,000 by 2025.

According to Bernstein analysts, the other key factors driving Bitcoin’s price are the increasing demand for spot BTC ETFs and rising US debts.

Bernstein Adjusts BTC Price Predictions: $50K Under Harris, $80-90K With Trump

Bernstein analysts adjusted their Bitcoin price predictions based on the potential outcomes of the upcoming U.S. election. If Harris wins, they foresee Bitcoin dropping to around $50,000, while a… pic.twitter.com/Z1zJ21aJ48

— The Wolf Of All Streets (@scottmelker) November 4, 2024

The Bernstein analysts are betting on Bitcoin and expect its price to reach $200,000 by the end of next year, regardless of the election results. Chhugani made this bold prediction days before the Americans visited the polls to cast their ballots for the next president of the United States.

Chhugani, who is known for adjusting his Bitcoin price predictions based on the latest market trends, stated that the election results will not impact the asset’s long-term outlook.

The analyst’s bullish projection on Bitcoin is based on several factors, including the increasing demand for spot BTC ETFs and higher government’s national debt.

Chhugani likened the asset to a “genie out of the bottle” and said stopping its price trajectory is difficult. He also highlighted several factors that can drive the asset’s price, including increased interest on the BTC ETFs and higher government’s national debt.

Last month, Bernstein’s top analyst targeted $100k for Bitcoin but soon revised his projection to reflect changes in market trends.

This year’s election battle between Trump and Harris is among the most highly debated and anticipated. In addition to traditional polling, data from betting markets like Polymarket also became famous.

For example, at Polymarket, Trump remains the favorite, cornering 63% of all wagers, with Harris getting 38%. Bernstein analysts say that regardless of the results, the asset will have short-term price movements.

However, they expect BTC to benefit more from a Trump win. In the same Bernstein analysis, Bitcoin may increase to $90,000 if the Republican wins.

Currently, Bitcoin’s price has dropped to $69k to $68k due to profit-taking. Also, analysts noted the weak inflows this week to ETFs. Most analysts agree that Bitcoin is still poised for an end-of-the-year rally.

The US elections also affect other digital assets besides Bitcoin. For example, in a Harris presidency, Ether may gain due to heightened regulations that can limit the performance of its competition, like Solana.

Chhuhani offers a differing view, saying if the SEC adopts moderate policies, these can propel Bitcoin and other assets.

This year’s election cycle puts crypto and the blockchain at the center of debates. Both candidates have shared their thoughts on crypto, with Trump offering more crypto-friendly solutions.

Initially, Democrat Harris was reluctant to offer policy proposals, but she shifted her tone as the campaign moved forward.