The price of Bitcoin is likely to remain in a sideways state until early November, with no clear upward or downward trend.
In the short term, the market seems to be waiting for an event that will give it a clear direction, and that event could be none other than the US presidential election on November 5.
With the world's leading financial power choosing its next leader, investors are in wait-and-see mode, trying to anticipate how the new president's policies could impact not just bitcoin, but the entire global financial system.
Trump, known for his pro-financial deregulation stance and his sympathy for the cryptocurrency industry (and particularly Bitcoin mining), could generate a positive reaction in the price of Bitcoin if re-elected.
On the other hand, if Kamala Harris wins, the scenario could be very different. Although she has also expressed an open attitude towards the cryptocurrency industry, her approach is expected to be more oriented towards stricter regulation and broader oversight of the sector. Note that Harris is the current Vice President of the United States, so her administration would be a continuation of Joe Biden's current administration.
This could lead to an initial reaction of uncertainty in the markets, as any hint of more restrictive regulations on bitcoin and other cryptoassets could scare investors, at least in the short term.
In the long run, however, bitcoin has its own reasons to shine regardless of who is the president in the United States. Analysts at Bernstein, for example, are convinced that BTC will reach $200,000 next year and $1 million in 2033. If their prediction is correct, those who buy bitcoin now, at relatively low prices, would be in for a treat.
The electoral contest is shaping up to be a polarizing one, with two candidates representing very different economic visions: Donald Trump and Kamala Harris.
Please note: this post is for informational purposes only, it does not constitute a financial report or an investment recommendation.
