The highly anticipated US election has entered the final month of the countdown, and Bernstein, a top Wall Street investment bank, has reiterated that, in the long run, regardless of the election outcome, Bitcoin will perform well under the conditions of low interest rates, persistent US fiscal deficits, and unprecedented debt levels.
Hillary Clinton's Victory May Cause Bitcoin to Retest 40,000 USD
However, the Bernstein analyst also stated that in the short term, if the Democratic candidate Hillary Clinton ultimately wins, the market may be hit, and Bitcoin may retest the $40,000 support level:
If Hillary Clinton wins, in the short term, we expect Bitcoin to fall and potentially retest the $40,000 support level.
But if former US President Trump wins, it will be more conducive to the rise of Bitcoin, and BTC may even surge to $80,000 to $90,000 as a result:
Trump's victory will have an increasingly positive impact on Bitcoin and the cryptocurrency market. In the event of a Trump victory, we expect Bitcoin to reach a new all-time high of $80,000 or $90,000.
Altcoins Will Remain Volatile Before the Election
At the same time, the Bernstein analyst also predicts that a series of altcoins, including ETH and SOL, will remain range-bound before the election, as their rise not only depends on the election result but also requires the US SEC and the White House to provide more explicit regulations on cryptocurrency.
Bitcoin Plunges Below 60,000
In the cryptocurrency market, although the US stock market closed higher earlier, Bitcoin briefly touched $62,411 last night before plummeting rapidly. As of around 5 am this (10th) morning, it reached a low of $60,302.
At the time of writing, it is trading at $60,685, down 2.73% in the last 24 hours. It remains to be seen whether it can stabilize above $60,000.
Trump's Winning Probability Reaches 53.2%
According to the current hot prediction market Polymarket data, the market's bet on Trump's victory has pulled away from Hillary Clinton, reaching 53.2%, while Hillary Clinton has only 46.2%. However, poll results are often volatile, so please judge cautiously.
