Bitcoin could be headed for a golden era, experts believe. According to analysts at Bernstein, the growing support for cryptocurrencies from Republican candidate Donald Trump suggests a "more favorable regulatory environment for Bitcoin" compared to his competitors, particularly Kamala Harris. So, his rhetoric is bullish for the crypto market.

Experts reckon that owning BTC could become the fresh example of the so-called "Trump trade"—a trade that would lead to high returns if the former president returns to the White House.

Bernstein analysts argue that Trump’s recent thumbs-up to the crypto industry indicates that his administration would be far more crypto-friendly than that of Kamala Harris.

“Cryptocurrencies are a rare case where the outcome of the election could define the future of the industry,” Bernstein analyst Gautam Chhugani claims.

In July, Trump spoke at a Bitcoin conference, expressing his support for cryptocurrencies. He announced his plan to ensure that the United States becomes "the crypto capital of the world and the Bitcoin superpower."

Remarkably, over the past two years, the billionaire has released several NFT collections. Trump's growing friendliness toward the crypto industry has been evident for several years.

According to Chhugani's forecast, if Trump wins the election, Bitcoin could soar to new highs by late 2024, trading in the range of $80,000 to $90,000 by December. This would represent a 59% jump in BTC value compared to its current level of $56,539. Earlier, the flagship crypto spiked to $74,000 in March this year.

Experts link Bitcoin's enormous bullish potential to a possible victory of Donald Trump in the presidential race. Gautam Chhugani predicts that in such a scenario, a positive legislative environment would be created for Bitcoin, which is benign for the whole crypto market and has yet to be fully appreciated by investors.

A positive regulatory environment would curb political risk for financial institutions and banks, as well as remove barriers for digital assets to compete with traditional assets for institutional flows, the expert added.

Analysts say that relaxing cryptocurrency regulations will pave the way for innovation in the sector. In this context, Bitcoin is on the verge of an impressive rally. According to experts, BTC is already anticipating a potential Trump victory: the leading cryptocurrency has rallied by 34% since the beginning of 2024. It is likely to amaze investors with new all-time highs.