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Bitcoin and the “Trump addiction”: target $80-90k in November
By Davide Grammatica
Bitcoin's fate seems to depend more and more on the outcome of the U.S. election, with Trump ahead of Harris on Polymarket
Bitcoin's race under scrutiny in US elections
In recent days, on the Polymarket betting platform, Donald Trump seems to have gained ground over Kamala Harris in terms of the odds of winning the now very close U.S. election.
According to many analysts, starting with those at the financial research and advisory firm Bernstein, BTC could easily touch new ATH, above $80,000, as early as next November, but provided that Donald Trump wins the election.
Conversely, BTC’s correction may not be indifferent in case Kamala Harris is elected, with the risk of testing the $40k level again . At least in the short term, as factors such as interest rate cuts and rising deficits all remain bullish for the future of the premier cryptocurrency.
“A Trump victory would be progressively positive for crypto markets,” wrote analysts Gautam Chhugani, Mahika Sapra and Sanskar Chindalia of Bernstein, in a note reported by The Block. “In case of a Trump victory, we expect BTC to touch a new high by surpassing its previous high of $74,000, while in case of a Harris victory we do not rule out testing a new low around $40,000.”
Similarly, the fate of altcoins also seems to depend on the new U.S. president. ETH and SOL, according to Bernstein, are expected to remain stable until the outcome of the vote, with firm price movement to be seen only as a result of the new regulatory approach to the sector decided by the new president.
Trump “unseats” Harris on Polymarket
All of these assessments come at a time when Trump appears to have a clear lead over the Dem candidate on Polymarket, with a 53.2 percent chance of winning the presidential election. The gap from Harris is about 7 percent, and weighing in would be the recent “favor” won in some “undecided” states, such as Arizona, Georgia and North Carolina.
However, the race for the White House is for most a close race, and it is not excluded that a “bias” of the crypto community, generally closer to the Republican candidate, may weigh on Polymarket.
