Analysts at Bernstein, a major research firm, predict that if the Republican party wins the 2024 U.S. presidential election, it could trigger a surge in the cryptocurrency market. They believe a GOP victory would create a more favorable regulatory environment for crypto, which would boost investment in Bitcoin (BTC) and Ethereum (ETH).

Despite recent outflows from Bitcoin ETFs totaling nearly $1 billion, analysts remain optimistic. They expect large private banks to soon allow Bitcoin ETFs, which could significantly increase portfolio allocations to Bitcoin.

Spot Ethereum ETFs recently approved by the SEC are being questioned about their potential impact, as they lack a staking feature. However, analysts believe clearer regulations under a new administration could reinvigorate interest in Ethereum.

Analysts view any near-term crypto market weakness as a buying opportunity, predicting a new bull cycle driven by ongoing adoption and favorable political developments could last for years.