Bitcoin price predictions have varied widely, especially when it comes to whether the cryptocurrency could reach a recent all-time high after the crash. While bearish sentiment remains robust, there are still analysts who believe that growth is on the horizon for the pioneering cryptocurrency. Analysts at Bernstein have fallen into the bullish camp, as they predict that the price of bitcoin could actually exceed $90,000, but there is a caveat to that prediction.

Donald Trump must win the US presidential election

Bernstein analysts recently revealed that they still believe the price of Bitcoin could rise to $100,000. However, the event in which this could happen is closely tied to the highly anticipated US presidential election, which is set to take place on Tuesday, November 5, 2024.

In a note to clients on Monday, analysts Mahika Sapra, Sanskar Chindalia, and Gautam Chhugani boiled it down to the preferred candidate being former President Donald Trump. According to the analysts, Donald Trump emerging as the next president of the United States would be great for the price of Bitcoin.

This is because Trump has been very vocal about his support for the cryptocurrency industry, owning several million dollars worth of the cryptocurrency. They explained that a Trump victory would drive the price up, placing it somewhere in the $80,000 to $90,000 range by the fourth quarter of 2024.

On the contrary, they believe that a victory for Democratic candidate Vice President Kamala Harris would be very bearish for the cryptocurrency industry. In fact, they are predicting a significant crash in the price of bitcoin if Harris were to win against Donald Trump. The target here is a drop below $50,000, and in a later crash, possibly even $30,000.

Trump favors bitcoin

When it comes to Bitcoin, Donald Trump has been the most lively candidate, even going so far as to propose a national Bitcoin stockpilewhich is essentially a BTC repository held by the government. The proposal has been met with criticism from industry leaders who believe it could lead to seized crypto funds being diverted from their intended purpose. However, the message in the proposal has already been conveyed, namely Donald Trump’s support for Bitcoin.

Other initiatives spearheaded by the Republican Party candidate include: four collections of non-fungible tokens (NFTs) released on the Bitcoin Ordinals protocol. Donald Trump also launched a line of Bitcoin-themed sneakers in early August after delivering the opening keynote at the Bitcoin 2024 conference.

And most importantly, Trump has previously found that he believes Bitcoin can be a strategic reserve asset for the United States. All of the above factors have led investors to believe that a Donald Trump victory in November would be a victory for cryptocurrencies.

Featured image created with Dall.E, chart from Tradingview.com