The price of Bitcoin will still go up substantially in the next year, whoever wins the U.S. election, according to Bernstein analysts. But it may experience some shock at first.

That’s per a new report by analysts at the global investment firm. Analysts Gautam Chhugani, Mahika Sapra, and Sanskar Chindalia said in a Monday report that the price of Bitcoin could hit a new all-time high in the range of $80,000 to $90,000 in the next few weeks, were Trump to win. And a win by his Democrat counterpart Kamala Harris could instead push the asset back down to $50,000. 

Either way, this would be short-lived, the Bernstein team argued. 

“In our view, Bitcoin remains the most resilient within crypto to election outcome,” the report read.

“The Bitcoin genie is out of the bottle, and it is hard to reverse this course,” it continued, adding that the firm still projects that the asset will hit $200,000 by the end of 2025, regardless of who wins the election. 

Bernstein analysts said earlier this month that Bitcoin hitting $200,000 per coin before 2026 was a “conservative” estimate.

The team reasoned that Bitcoin exchange-traded funds (ETFs) in the U.S.—approved in January—have been such a huge success. The new funds have opened the floodgates to capital from institutional investors, with the products collectively raking in well over $20 billion in fresh assets since launch.

Ex-President Donald Trump has come out as explicitly pro-crypto this year, saying he wants all future Bitcoin to be minted by American miners.

The billionaire businessman also has released a decentralized finance (DeFi) project dubbed World Liberty Financial that runs on the Ethereum network. 

Bitcoin nearly set a new record last week after being just $175 short of its March all-time high price of $73,737. The virtual coin is now trading for $67,830, CoinGecko shows. 

Edited by Andrew Hayward