Analysts at Bernstein project a Bitcoin price target of $200,000 by the end of 2025, independent of the results of the upcoming U.S. elections. Gautam Chhugani, the senior analyst at the firm that specializes in crypto assets, made this prediction a few days before the election, saying that the event would not affect the price of Bitcoin in the long term.

Chhugani’s bullish prediction is supported by several significant factors. He says that once the “Bitcoin genie is out of the bottle,” it will be hard to turn the clock back on the digital asset. 

The analyst identified higher US national debt, the question of US monetary policies, and the rise in demand from US spot ETFs as the main factors that could lead Bitcoin to the $200,000 mark. Bernstein’s prior target from late last month was $100,000 and stated that the price would rise, which suggests that the current six-figure price tag is quite plausible.

In the context of the U.S. elections, the Republican candidate, Donald Trump, is seen as a pro-crypto choice, while Vice President Kamala Harris is speculated to support strict industry regulation. Over the past few months, there has been a change of tone in the Democratic party with regard to cryptocurrencies, although experts are still hesitant about the effects on the market.

Bitcoin price fluctuates as the election approaches

The Polymarket platform shows instability in betting rates while approaching the election date. The polls on Polymarket suggest that Trump is 58.3% ahead of Harris at the moment, while the polls give Harris a 41.9%. Analysts from Bernstein have predicted that a victory of either candidate could cause significant short-term price shifts in Bitcoin.

After a slight drop, Bitcoin price dropped from $73,500 on October 29 to around $68,596. The current decrease in the Bitcoin price is attributed to the profit-taking and weak inflows into Bitcoin ETFs. Nevertheless, there is still hope for a year-end rally in the market as this year comes to a close.

According to Bernstein, if Trump is to win, then Bitcoin may rise to between $80,000 and $90,000 by the time Trump assumes power on January 20. On the other hand, if Harris wins, Bitcoin may drop to $50,000 and then rise again.

The result of the election will also have a bearing on other parts of the cryptocurrency market. There are some analysts who believe that in the case of Harris’s win, Ethereum may gain from the possibility of a stricter regulatory environment that could curb the performance of other layer-two solutions like Solana. However, Chhuhani disagrees with this view, stating that if the SEC approach is moderate, it can help all cryptocurrencies, not just Bitcoin.

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