Bernstein believes that the bitcoin exchange rate will be influenced by the “Trump factor” in the near future

Analysts of the investment company Bernstein believe that in the next 3 months the main cryptocurrency will be influenced by political factors. Experts believe that the bitcoin rate will be influenced by the “Trump factor”.

“As the gap between Trump and Kamala Harris on Polymarket narrowed, bitcoin and altcoins traded weakly. We expect bitcoin and cryptocurrency markets to remain in a limited range until the U.S. election, varying depending on catalysts such as the presidential debate and the final outcome of the election,” Bernstein said.

Experts believe that the fall in the value of BTC is due to excessive concern about a possible recession in the US and instability in the markets triggered by the complex geopolitical situation in the Middle East.

“Bitcoin’s reaction as a risk asset is not surprising. It is a pattern for the first cryptocurrency market. A similar situation was observed earlier, during the sudden collapse in March 2020. However, we remain calm,” experts explained.

Analysts believe that the launch of the BTC-ETF prevented the price of the main crypto coin from falling to $45,000. According to the forecast of experts from Bernstein, the reaction of the digital asset market to economic and political events will be restrained, and the recovery of stock markets will contribute to the growth of cryptocurrencies.

And QCP Capital believes that instability remains in the cryptocurrency market.

“Despite the positive dynamics, it is premature to talk about a full recovery of the market. The VIX volatility index, although it has decreased after the peak values, it remains at a level indicating continued volatility,” the specialists specified.

An analyst calling himself Rekt Capital opined that the bearish trend in the bitcoin market may last for another 2 months. According to him, the growth of the BTC rate is expected in October.

“For now, bitcoin is showing the possibility of a downward deviation in the near future. Now, about 110 days after halving, the first cryptocurrency is slowly approaching its historical breakout point 150–160 days after halving,” Rekt Capital said.