Amid a turbulent political climate, a “Goldilocks scenario” is materializing for Bitcoin miners, catalyzed by what has been termed the “Trump factor.” This scenario was highlighted by Bernstein’s analysts following an unsuccessful assassination attempt on former U.S. President Donald Trump at a Pennsylvania rally.

Gautam Chhugani and Mahika Sapra of Bernstein noted in a Monday client briefing, “A Goldilocks scenario for Bitcoin mining is taking shape: enhanced prospects for pro-Bitcoin political reforms, the U.S. solidifying its position as a premier hub for Bitcoin mining and cutting-edge mining technologies, miners being lauded for their dominance in power interconnectivity, and miners becoming pivotal partners for AI data centers.”

Read more: The Shrinking Bitcoin Reward: How Will Miners Adapt to a Finite Supply Landscape?

Initially, Bitcoin’s value dipped when the assailant’s bullet grazed Trump’s ear, causing the Republican frontrunner to fall. Yet, the cryptocurrency’s price surged when Trump rose, fist aloft, and exclaimed “fight.” This event, dubbed the “Trump pump,” saw Bitcoin BTC +4.05% leap approximately 6%, from $59,250 to $63,000.

Polymarket, a decentralized prediction platform, now indicates a 71% probability of Trump winning the U.S. presidential election, a significant increase from around 60% pre-incident, while President Joe Biden’s victory odds have plummeted to 18%.

The cryptocurrency market perceives a Trump victory as “more favorable” for crypto, considering the Biden administration’s stringent regulatory stance versus Trump’s recent pro-Bitcoin rhetoric, which includes support for self-custody and Bitcoin mining.

“Bitcoin’s valuation is intricately linked to the likelihood of a Trump presidency and will remain acutely responsive to electoral developments,” the analysts stated.

Following the weekend’s dramatic events, Chhugani and Sapra forecast a positive opening for public Bitcoin mining stocks on Monday, a shift from the recent stagnant price movement post-halving. They identified several advantageous factors for miners, such as abundant power access, AI diversification opportunities, and advancements in U.S. mining technology. Notably, Jack Dorsey’s Block has agreed to supply Core Scientific with its state-of-the-art 3nm mining chip.

Last week, Bernstein commenced coverage of two additional miners, Core Scientific and IREN, both pursuing a hybrid strategy of Bitcoin mining and AI data center operations.

Chhugani and Sapra reaffirmed their ambitious Bitcoin price predictions, projecting $200,000 by the end of 2025, $500,000 by the close of 2029, and $1 million by the end of 2033.