Bitcoin could drop to $30,000 if Kamala Harris wins election, Bernstein says

In a sober assessment of the potential impact of the upcoming US presidential election on the crypto market, analysts at Bernstein have predicted that Bitcoin could test the $30,000-$40,000 range if Vice President Kamala Harris emerges victorious.

This prediction stands in sharp contrast to their optimistic forecast of a Donald Trump election victory.

According to the report, the cryptocurrency industry has received a more friendly reception from the Trump campaign, which has an openly pro-crypto stance.

“The tone and clarity between the two political sides were very different,” the analysts noted, pointing to Trump’s vocal support for making the U.S. the bitcoin and crypto capital of the world.

The report suggests that a Harris victory could lead to a continuation of the difficult regulatory environment that has plagued the crypto sector in recent years.

“The current crypto market has survived a very challenging regulatory environment,” the analysts explained, adding that “regulatory actions … have undermined the trust of the crypto community and forced it down the partisan path.”

In contrast, a Trump victory could potentially push Bitcoin to new heights. In such a scenario, Bernstein predicts prices in the “range of $80,000 to $90,000” by the fourth quarter.

The analysts argue that a crypto-friendly election result and a positive regulatory environment are not currently priced into the market.

The report also highlights the broader impact of the election on the cryptocurrency industry, suggesting that a more favorable regulatory environment could spur innovation and re-attract institutional investors to blockchain-based financial products.

The company has repeatedly stressed that a Trump victory would be a good sign for Bitcoin. Just last month, Bernstein attributed the falling BTC price to Harris being ahead of the Republican candidate in polls.

Edited by Stacy Elliott.