Bitcoin has been climbing, hitting a peak price of $67,690 on Tuesday. Analysts from private wealth management firm Bernstein link this upward trend to a shift in the U.S. election landscape, particularly to Donald Trump’s improving chances of winning. Over the past few days, Trump’s odds have seen a noticeable boost, and this seems to be reflected in Bitcoin’s recent price action.
Could Trump’s Odds Be Driving Bitcoin Up?
According to Bernstein, Bitcoin’s recent rise might be tied to its renewed connection with Trump’s election chances. While both political sides express interest in supporting digital assets, the crypto market appears to lean towards a more favorable outcome if Trump secures the win.
Right now, Trump leads Kamala Harris by 15% on Polymarket, a decentralized prediction platform.
New Highs Incoming?
Bernstein’s analysts predict that if Trump wins next month’s election, Bitcoin could see a leap to $80,000 or even $90,000. But if Harris comes out on top, they still expect Bitcoin to perform well over the long term. In essence, the outlook for Bitcoin remains positive no matter which candidate wins, though the short-term movements may vary based on election results.
At the time of writing Bitcoin is trading at $67,220 according to CoinMarketCap data, up 2% in the last 24 hours.
Keep following us at HowToBuyBitcoin.org for the latest news and updates on Bitcoin.