Bitcoin To Surpass $80K If Trump Wins But Could Tank To $40K In Case Of Harris Victory: Analysts

Bitcoin (CRYPTO: BTC) could reach $80,000 to $90,000 if Republican nominee Donald Trump wins the U.S. presidential election in November, according to Bernstein analysts.

What Happened: Amid a widening divergence in Trump’s favor on the prediction market Polymarket, Bernstein analysts, Gautam Chhugani, Mahika Sapra and Sanskar Chindalia, stated in a note to clients on Wednesday that “A Trump win would be incrementally positive for bitcoin and crypto markets.”

As reported by The Block, Bitcoin could touch a new high of “$80K to $90K,” the analysts said. The previous record was $74,000.

Conversely, if Vice President Kamala Harris wins, the analysts suggest Bitcoin could “test a new low in the $40Ks range.”

They maintain a positive long-term outlook for Bitcoin regardless of the election outcome, citing factors such as low interest rates, continued U.S. fiscal deficits and high debt levels.