Despite the market downturn and bearish sentiment across the cryptocurrency landscape, a wealth management firm has made a bold prediction for Bitcoin (BTC) ahead of the U.S. presidential election.
Bernstein’s Bitcoin Prediction
Today, on November 4, 2024, Bernstein, one of the largest private wealth management firms, predicted that if Donald Trump wins this election, BTC’s price could rise to $80,000 to $90,000 by Inauguration Day.
Meanwhile, the firm also highlighted that if Kamala Harris wins, BTC’s price could tank to $50,000.
In addition, Bernstein analysts also noted that “Bitcoin remains the most resilient asset within crypto to the election outcome,” regardless of who wins the upcoming U.S. presidential election. This statement by analysts suggests that, unlike traditional assets that can be heavily impacted by election results, Bitcoin’s price and demand may be less affected by political events.
However, this prediction and statement are likely due to the nature of Bitcoin and its rate of adoption by industry giants. Considering these factors, Bernstein further predicted that Bitcoin could reach $200,000 by 2025.
Bitcoin Technical Analysis and Current Price
At press time, Bitcoin is trading near $68,600 level and has registered a price surge of 1% over the past 24 hours. During the same period, its trading volume jumped by 42%, indicating heightened participation from traders and investors compared to the previous day.
Besides Bernstein’s prediction, expert technical analysis suggests that Bitcoin is at a crucial level and could experience a significant decline if it fails to hold the support level at $67,500. On the four-hour time frame, BTC often experiences buying pressure and an upward rally whenever it approaches this support level.
This time, however, traders and investors are anticipating a similar upside rally in the coming days. Based on recent price action, if BTC rises and closes a daily candle above $70,000, there is a strong possibility it could surge further and reach a new all-time high in the near future.
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