As we approach November’s Election Day, the cryptocurrency market is eagerly anticipating the potential impact of the outcome on bitcoin prices. At Extreme Investor Network, we have been closely following the analysis of Bernstein analyst Gautam Chhugani, who suggests that the results of the presidential election could have a significant effect on the future trajectory of bitcoin.
According to Chhugani, if former President Donald Trump were to win, we could see bitcoin reclaiming new highs, potentially reaching the $80,000-$90,000 range by the end of the year. On the other hand, a victory for Vice President Kamala Harris might lead to bitcoin breaking below its current support level and testing the $30,000-$40,000 range.
It’s worth noting that Standard Chartered has forecasted a bitcoin rally to $150,000 in the event of a Trump victory. Trump has been vocal about his support for the crypto industry, positioning himself as the pro-crypto candidate and making promises to remove key regulatory figures if elected. On the other hand, Harris’s stance on cryptocurrencies remains unclear, leaving some uncertainty within the market.
At Extreme Investor Network, we believe that a crypto-friendly election outcome and a positive regulatory environment are not yet fully priced into the market. Despite facing tough regulatory challenges, the resilience of decentralized digital assets like bitcoin has been remarkable, with the cryptocurrency seeing a 112% increase over the past year.
We also recognize the potential impact of a positive regulatory environment on institutional involvement in the crypto space. By removing policy risks for financial institutions and banks, digital assets may have a better chance to compete with traditional assets for institutional flows and spur innovation in the sector.
While Democratic lawmakers have historically been viewed as less friendly toward cryptocurrency, there is a shifting landscape within the party that may lead to a more favorable stance in the future. In the event of a Harris administration, there is the possibility of a more crypto-friendly approach compared to President Joe Biden’s current position.
As we get closer to Election Day, the crypto market is bracing for potential volatility and significant price movements based on the outcome. Stay tuned to Extreme Investor Network for the latest updates and analysis on how the election could impact your investment strategy in the cryptocurrency market.