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Bitcoin (CRYPTO: BTC) miners are looking at a promising future, dubbed a “Goldilocks scenario,” influenced by the “Trump factor,” according to analysts at Bernstein.
What Happened: As reported by The Block, analysts Gautam Chhugani and Mahika Sapra noted that the scenario includes a higher likelihood of pro-Bitcoin political change, the U.S. becoming a focal point for Bitcoin miners, who are valued for their power interconnect lead, and miners solidifying their position as strong AI data center partners.
Bitcoin’s price initially fell after the assassination attempt on former President Donald Trump, but rebounded strongly around 6% from $59,250 to $63,000 in Monday morning trading, a move some have dubbed the “Trump pump“.
Decentralized prediction market platform Polymarket now shows a 71% chance for a Trump win in the upcoming U.S. presidential election, up from about 60% at the time of the incident. The crypto market views a Trump victory as more favorable for crypto, given the Biden administration’s regulatory crackdown on the industry.
Chhugani and Sapra also expect public miners’ stocks to open positively on Monday, following the weekend’s events. They also reiterated their Bitcoin price targets of $200,000 by the end of 2025, $500,000 by the end of 2029, and $1 million by the end of 2033.
Read Also: Trump Or Biden? Most Economists Say This Candidate’s Win Could Bring Higher Inflation
Why It Matters: The recent surge in Bitcoin’s price, breaching $63,000 for the first time in 12 days, was largely driven by U.S. institutional investors purchasing the digital currency after weeks of sell-offs.
Indicative of a broader market rebound is a Bitcoin wallet, inactive for nearly 12 years, sprung into action, transferring $60 million worth of Bitcoin. Coupled with Germany terminating its liquidations, market participants are hoping for the rally to continue into the second half of July.
What’s Next: These topics are expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next:
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock
Posted In: $BTC
