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In a stark assessment of the upcoming U.S. presidential election’s potential impact on the crypto market, analysts at Bernstein have forecast that Bitcoin could test the $30,000-$40,000 range if Vice-President Kamala Harris emerges victorious.

This prediction stands in sharp contrast to their bullish outlook for a Donald Trump win.

According to the report, the cryptocurrency industry has received a warmer reception from the Trump campaign, which has taken an overtly pro-crypto stance.

"The tone and clarity between the two political sides has been very different," the analysts noted, pointing out Trump's vocal support for making the U.S. the Bitcoin and Crypto Capital of the world.

The report suggests that a Harris victory could lead to a continuation of the challenging regulatory environment that has plagued the crypto sector in recent years.

"The current crypto market has survived through a very challenging regulatory environment ," the analysts stated, adding that "regulatory actions... have eroded the trust of the crypto community and forced them down the partisan route."

In contrast, a Trump win could potentially propel Bitcoin to new heights, with Bernstein projecting prices in the "$80K-90K range" by the fourth quarter under such a scenario.

The analysts argue that a crypto-friendly election outcome and positive regulatory environment are not currently priced into the market.

The report also highlights the broader implications of the election for the cryptocurrency industry, suggesting that a more favorable regulatory landscape could spur innovation and attract institutional investors back to blockchain-based financial products .

The firm has been very consistent in saying that a Trump victory bodes well for Bitcoin. Just last month, Bernstein pegged the sliding BTC price to the fact that Harris had pulled ahead of the Republican nominee in polls.