Market whispers suggest that a Donald Trump victory in the forthcoming U.S. elections could herald a bullish trend for cryptocurrency markets, while a win for Kamala Harris might spell bearish outcomes, as highlighted by a Wall Street broker, Bernstein, in a recent analysis.

The research underscores that Bitcoin has shown signs of weakening in response to Polymarket odds and polls tipping in Harris’ favor. Bernstein anticipates that the world’s leading cryptocurrency will “remain confined within a range until a more definitive electoral direction emerges.”

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Polymarket, a speculative platform, enables participants to wager on the results of future events, playing a critical role in shaping market perceptions.

Republican advocates have dubbed the current scenario as the “initial honeymoon phase,” cautioning that Polymarket’s odds could be subject to external manipulation, according to the report.

Bernstein’s analysis further observes that Trump’s camp has been outspoken regarding its stance on cryptocurrency policies and has actively engaged with industry stakeholders, including Bitcoin (BTC) miners and the broader crypto community.

The Trump-led Republican faction has vigorously courted crypto enthusiasts, promising favorable policies for Bitcoin and the broader digital asset innovation landscape. The group has even hinted at the possibility of establishing a national Bitcoin reserve.

In a speech delivered last month at the Bitcoin Conference in Nashville, former President Trump vowed to maintain a strategic national Bitcoin reserve and assured that, if re-elected, his administration would not liquidate any government-seized Bitcoin holdings.