The value of Bitcoin, the world's leading cryptocurrency, could rise to $80,000 to $90,000 if former President Donald Trump is re-elected in November, a new research note from Bernstein market analysts showed on Wednesday (October 9).

“We expect bitcoin prices could reach $80,000 to $90,000 if Trump wins the presidential election,” said Bernstein analysts, including Gautam Chhugani, the firm’s global head of digital assets. “However, if Harris wins, bitcoin could fall to the lower $40,000 range in the short term, reflecting concerns about tighter regulation.” Currently, bitcoin is trading at around $61,774.62.

Bernstein analysts also noted that if Vice President Kamala Harris wins the presidential election, the Bitcoin market will face downward pressure and could fall to around $40,000. The analysts explained: “Harris’ more conservative stance on digital assets could lead to less regulatory support for the industry in the short term.”

While Harris has yet to release an outline of her plans for the digital asset industry, she recently spoke about promoting innovation in the artificial intelligence (AI) and crypto sectors.

As of now, prediction market site Polymarket shows Trump leading Harris by 7%, but this poll result does not reflect the position of American cryptocurrency bettors who are banned from accessing the site.

However, Bernstein analysts stressed that the 2024 presidential election will continue to have a significant impact on Bitcoin prices. They said: "We expect Bitcoin to continue to react to the election odds and become more aggressive if it begins to sense a higher chance of a Trump win, and to enter a range-bound trend if the race continues to be 'too close to call'."

The analyst added: “While still uncertain, the odds have shifted significantly in Trump’s favor, suggesting traders are preparing for a Trump win and its impact on markets, particularly in the cryptocurrency space. Influence."

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