As November’s Election Day draws nearer, so does bitcoin’s eventual breakout from this year’s narrow trading range, according to Bernstein. The flagship cryptocurrency has been stuck between $55,000 and $70,000 for most of the year — after reaching its all-time high in March — and is likely to remain in limbo until the U.S. determines its next president on Nov. 5. The outcome of the presidential election — whether former President Donald Trump or Vice President Kamala Harris were to win — could result in a sizable impact on bitcoin prices, Bernstein analyst Gautam Chhugani said. “We expect the delta between the two political outcomes to be wide,” he said in a note Monday. “We expect bitcoin to claim back new highs, in case of a Trump win and by Q4, we expect bitcoin to reach close to $80,000-$90,000 range. However, if Harris wins, we expect bitcoin to break the current floor around $50,000 and test the $30,000-$40,000 range,…
Bitcoin could top $80,000 if Trump wins election, Bernstein says
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