According to a new study Fundstrat Global Advisors, which was published by the founder of this company Tom Lee, the price of bitcoin will rise to 36,000 US dollars by the end of 2019.
According to the analysis of the relationship between the cost of mining and the price of bitcoin, which produced one of the strategists Fundstrat, Sam Doctor, the price of the cryptocurrency to 2019 will be between 20,000 and 64,000 USD.
The calculations are based on the ratio of the price of bitcoin and the maximum allowable costs for mining bitcoins, which is known as P/BE, and which, according to the Doctor, “has proven that it can serve as a reliable long term support”.
That so summed up the results of the study in his Twitter:
We expect that the mining industry will grow over the next few years and this will boost the price of BTC to around 36,000 US dollars by the end of 2019. These calculations are based on average historical values for the P/BE, which is equal to 1.8.
This price generally corresponds to Whether the initial prognosis, according to which the end of 2018, the price of bitcoin will rise up to 25,000.
Lee is known for his optimistic predictions about bitcoin, but according to a recent survey, 82% of institutional investors believe that the price of bitcoin has already passed the “bottom”.
According to the same survey, the majority of respondents believe that by the end of this year the price of bitcoin will be in the region from 10,000 to 20,000 U.S. dollars.