VanEck Executive Dismisses Election Impact as Bernstein Predicts a $90K BTC Surge with Trump Win
Highlights:
- A VanEck executive has dismissed election impact as he counters Bernstein’s recent Bitcoin price prediction.
- Bernstein’s research report projected BTC at a $90,000 maximum price if Trump emerges victorious in the polls. Conversely, the token could drop to $30,000 if Harris wins the election.
- Bitcoin price has surged by about 4% in just 24 hours as market participants keep close tabs on the crypto asset.
In a recent outburst, Mathew Sigel, Head of Digital Assets Research at VanEck, dismissed claims, projecting that the U.S. election outcome will influence Bitcoin price. The VanEck executive took to his official X account to debunk the assertions, targeting Bernstein’s Bitcoin (BTC) price prediction.
Earlier today, a research report by Bernstein started making rounds, courtesy of its Bitcoin price prediction. Notably, the asset manager projected price extremes for BTC depending on the result of the U.S. presidential election.
Per Bernstein, BTC will hit price levels between $80,000 and $90,000 if Trump emerges as the winner of the 2024 presidential election. Conversely, Harris Kamala’s victory in the November 5 polls will plummet the BTC price between $30,000 and $40,000.
🚨 BREAKING: BITCOIN COULD SKYROCKET TO $80-90K IF TRUMP WINS, OR FALL TO $30-40K IF HARRIS WINS
Bernstein analysts predict the U.S. election will drastically influence #Bitcoin prices, favoring Trump for a surge, while Harris could trigger a dip. pic.twitter.com/ouRB1C8o2v
— JAKE (@JakeGagain) September 9, 2024
Reacting to the above claims, Sigel queried, “How big is the impact on crypto prices depending on the election outcome?” The VanEck executive added, “I think BTC rallies whoever wins on uncertainty removal.”
Interestingly, Sigel gave his verdict, contradicting the asset manager’s assertion. According to him, Harris’s victory will drive the Bitcoin rally. On the other hand, Trump’s re-election will result in altcoins sustaining their pace.
While the VanEck executive claims had no price targets attached, it invariably implies good fortune for Bitcoin if Harris wins the election. Similarly, Trump’s victory would also signify good tidings. However, it would impact the broader market, not just Bitcoin.
Bitcoin to Test $30-40k if Kamala Harris Wins: Bernstein
"How big is the impact on crypto prices depending on the election outcome? We expect Bitcoin to claim back new highs, in case of a Trump win and by Q4, we expect Bitcoin to reach close to $80K-90K range. However, if…
— matthew sigel, recovering CFA (@matthew_sigel) September 9, 2024
Analyst Ties Bitcoin’s Latest ATH to U.S. Election
Before the whole saga involving Bernstein and Sigel, Ash Crypto had called followers’ attention to the relationship between BTC’s all-time highs (ATHs) and the U.S. election years. Interestingly, the market expert’s assertion appeared in our previous news article.
According to Ash Crypto, Bitcoin attained new peak prices in three consecutive United States election years. Therefore, he anticipates a trend replication following the conclusion of the 2024 general elections.
For context, after the 2012 presidential election, BTC attained $13.7 in December. Following the 2016 general elections, the flagship cryptocurrency attained a new ATH at $975.However, contrary to 2012, the 2016 peak price played out earlier in November. For 2020, BTC mirrored price movements similar to 2016, eventually culminating in a $29,000 ATH attainment.
In 2024, Bitcoin attained a new peak price when it struck approximately 73,700 in March. Should Ash Crypto’s assertion play out, it implies that BTC will establish new ATHs twice in 2024. It is left to see how events unfold in November or December 2024.
BTC Records 4% Upswing in its 24 Hours Price Change
At the time of writing, Bitcoin is changing hands at approximately $56,700. Notedly, its 24-hour-to-date price change variable reflected a surge of about 4.4%, eliciting price appreciation hope among market participants.
Within a day interval, the flagship cryptocurrency recorded minimum and maximum prices, ranging between $54,218.51 – $56,763.92. Hence, it underscores a gradual price ascent within a short period. Contrary to the remarkable improvement in the last 24 hours, BTC’s weekly price change variable reflected losses of about 3%. Notably, the past week recorded price extremes ranging between $53,304.62 – $59,522.42.
Chinedu Agbakwusi
Chinedu Agbakwusi is a news writer and editor for Crypto2Community. He is a crypto enthusiast with vast experience across several crypto-related projects and platforms. Chinedu has been following the development of the crypto market for several years, and he is optimistic about its potential to democratise the global financial system. He hopes to be a reliable plug for reporting trends and breaking down complex concepts to his readers. Agbakwusi's previously written for several crypto news including Times Tabloid, UPay, while also contributing over the years to many others leading media publications.
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