What to expect from Bitcoin following the upcoming presidential debate

• Members of the Crypto community have shown great anticipation for the presidential election, with Polymarket odds favoring a Trump victory.
• Analysts predict that a victory for Trump could send the price of Bitcoin to new highs, CNBC reported.
• Trump chips rallied on expectations of Tuesday’s presidential debate.

Monday’s Polymarket shares reflect growing anticipation of the upcoming US presidential election in November, with Trump leading the prediction market. Meanwhile, Bernstein analysts predict that this year’s election may decide the fate of the crypto industry in the United States.

The presidential election is generating excitement among members of the crypto community

Polymarket data indicates strong interest from members of the crypto community in a potential Republican candidate, Donald Trump’s victory in the upcoming presidential election in November. Trump leads the prediction market with a 6 percent lead over Democratic nominee Kamala Harris.

Donald Trump has been leading Polymarket for over two weeks following news of an alleged anti-crypto Harris government.

Meanwhile, Kamala Harris today released new information on her policy platform, “A New Way Forward.” The Harris campaign said in the platform that it plans to support American leadership in various technologies, but did not mention crypto. A major focus, however, was on tax and rate cuts.

After launch, PolitiFi meme coins based on both presidential candidates reacted with price changes. KAMA is down over 3% while STRUMP is up over 17%.

Members of the Crypto community are now anticipating the presidential debate set for Tuesday, which may prove to be a major landmark for the outcome of the November election. Some members believe the debate could spark a rally for Bitcoin and the overall cryptocurrency market should Trump come out on top.

At the same time, Bernstein analysts predicted a potential price movement for Bitcoin with different election results. According to a CNBC report, analysts suggest that a Trump election victory could push the price of Bitcoin to $80,000-$90,000.

Alternatively, a win for Harris could see BTC fall to $40,000-$30,000. Analysts say that while both parties have been approached by the crypto industry, Trump and his campaign appear more willing to support cryptocurrency if elected.

The Republican Party has been more crypto-friendly in its campaigns throughout the election process. On the other hand, Democrats have yet to fully earn the trust of the crypto community.