Fundstrat: Bitcoin could reach USD 64,000 by 2019
Last year, the cryptocurrency rose from less than $1,000 to more than $19,000, helped by an avalanche of investor interest
Investment research firm Fundstrat recently said that the growth of Bitcoin mining activity could rapidly increase the price of the cryptocurrency to $64,000.
Sam Doctor, head of data science research at Fundstrat, said in a report: “we believe that the current path of power hash growth supports a BTC price of approximately USD 36,000 by the end of 2019, with a range of between 20,000 and 64,000 USD. “
Last year, the cryptocurrency rose from less than $1,000 to more than $19,000, helped by an avalanche of investors interest. Concerns about a regulatory crackdown have helped lower prices so far this year.
However, the Bitcoin mining economy probably creates a level of support for the cryptocurrency, Doctor said. In addition, he pointed out that miners are more prone to keep the asset as their price drops to a point of equilibrium for operating costs, and sell as their price increases, leading to higher profits.
N. Moncada
Source: CNBC
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