Main Points Related to Bitcoin, Web3, Ethereum, and Cryptocurrency:
- Bitcoin price rose for three consecutive days ahead of Donald Trump and Kamala Harris debate and U.S. inflation report.
- Bernstein analyst predicts Bitcoin could rise to $90,000 if Trump wins in November.
- Federal Reserve rate cuts could be a catalyst for Bitcoin’s performance.
- Bitcoin has historically performed well regardless of the U.S. president in office.
Bernstein Analyst’s Bullish Prediction for Bitcoin
The analyst at Bernstein foresees a potential rise in Bitcoin’s value to $90,000 if Trump emerges victorious in the upcoming election. Conversely, a victory for Harris could lead to a drop in Bitcoin’s price to as low as $30,000. Bernstein, a significant player on Wall Street, anticipates a more crypto-friendly regulatory environment under a Trump administration compared to the current leadership.
Potential Impact of Federal Reserve Rate Cuts on Bitcoin
Economists speculate that if inflation eases, the Federal Reserve might implement a 0.50% rate cut at its upcoming meeting, which could positively influence Bitcoin and other risky assets. If this materializes, Bitcoin’s price movement may be swayed by the central bank’s decision to lower rates.
Historical Perspective and Future Outlook for Bitcoin
Despite the political landscape, Bitcoin has historically thrived under every U.S. president, reaching all-time highs during various administrations. The current scenario suggests that for Bitcoin to surpass $90,000, it must surpass key technical indicators like the 200-day Exponential Moving Average and break above a descending trendline connecting major price swings since March.
