Bitcoin prices surged to a new record high near $76,943 on Thursday as investors eagerly anticipate the outcome of the 2024 US presidential election. Analysts believe that regardless of who wins, cryptocurrency prices will continue to rally.
Market strategist Joel Kruger at LMAX Group expects a “stellar” Q4 performance from bitcoin and predicts a price range of $100,000 by year-end. Bernstein analysts also forecast a potential surge to $200,000 in 2025 due to rising demand for hard assets and the success of spot bitcoin ETFs.
A victory for Donald Trump could lead to higher prices, with estimates suggesting bitcoin could reach $80,000 to $90,000 by Inauguration Day on January 20. However, a Harris victory might prompt a decline in price before recovering.
Other cryptocurrencies like ethereum and solana may require a Trump victory to outperform, according to Matthew Sigel, head of digital assets research at VanEck. The US election has historically been a catalyst for bitcoin price surges, with returns diminishing over time.
Bitcoin prices have soared 82% so far this year, with the world’s largest cryptocurrency reaching new heights as investors optimistic about the future outlook. Meanwhile, related payment stocks such as Block and Visa surged during the day, reflecting investor confidence in the sector.
Source: https://www.investors.com/news/bitcoin-price-outlook-2024-us-election-trump-kamala-harris-nov-6