Is a bitcoin 'melt-up' on the cards post-US election?

Matt Hougan, CIO at crypto asset manager Bitwise, said that anything but a Democratic sweep in the U.S. elections, further Fed rate cuts and no major crypto hacks or lawsuit surprises could drive a bitcoin "melt-up" to new all-time highs of more than $80,000 this quarter.

Analysts at research and brokerage firm Bernstein echoed that bitcoin could hit $80,000 to $90,000 if pro-crypto Donald Trump wins, whereas a victory for Kamala Harris might push bitcoin back to test the $40,000 range with less clarity on the regulatory environment.

Trump currently leads Harris by over 7% on the decentralized predictions platform Polymarket, while national polling averages remain within the 3% "too close to call" margin of error in Harris' favor, Bernstein noted.