Bitcoin Could Hit $200,000 Regardless of Election, Says Bernstein

Regardless of the market decline and bearish sentiment within the cryptocurrency panorama, an asset administration agency has made a daring prediction for Bitcoin (BTC) forward of the US presidential election.

Bernstein’s Bitcoin Prediction

Immediately, on November 4, 2024, Bernstein, one of many largest personal asset managers, predicted that if Donald Trump wins this election, the value of BTC may rise to $80,000 to $90,000 by Inauguration Day.

In the meantime, the corporate additionally highlighted that if Kamala Harris wins, the value of BTC may fall to $50,000.

Moreover, Bernstein analysts additionally famous that “Bitcoin stays probably the most resilient asset inside crypto to the election final result,” no matter who wins the upcoming US presidential election. This assertion from analysts means that not like conventional property that may be closely affected by election outcomes, Bitcoin’s value and demand could also be much less affected by political occasions.

Nonetheless, this prediction and rationalization are doubtless because of the nature of Bitcoin and the extent to which it’s accepted by business giants. Contemplating these components, Bernstein additional predicted that Bitcoin may attain $200,000 by 2025.

Bitcoin technical evaluation and present value

On the time of writing, Bitcoin is buying and selling across the $68,600 stage and has registered a 1% value enhance over the previous 24 hours. Throughout the identical interval, buying and selling quantity elevated by 42%, indicating higher participation from merchants and buyers in comparison with the day earlier than.

Along with Bernstein’s prediction, skilled technical evaluation means that Bitcoin is at an important stage and will expertise a major decline if it fails to carry the assist stage at $67,500. Inside a four-hour timeframe, BTC usually experiences shopping for stress and an upward rally because it approaches this assist stage.

This time, nevertheless, merchants and buyers are anticipating an analogous upward rally within the coming days. Based mostly on current value motion, if BTC rises and closes a each day candle above $70,000, there’s a robust chance that it may rise additional and hit a brand new all-time excessive within the close to future.