Fundstrat Global Advisors has bullishly predicted where it thinks the price of bitcoin could be by 2019 in a new report.
The research firm has predicted that due to the increase in the mining of the cryptocurrency, it could push its price to $64,000. According to Funstrat, the hash power, which is the processing power used to find the solution to the mathematical equations to receive bitcoin rewards, will increase by 350 percent by 2019, according to CNBC.
Sam Doctor, head of data science research at Fundstrat, is reported as saying that:
We believe the current path of hash power growth supports a BTC price of about $36,000 by 2019 year end, with a $20,000-$64,000 range.
Last December, the price of bitcoin rose to within touching distance of $20,000 for the first time. Yet, such highs for the currency didn’t remain high for long. At the start of 2018, the first three months of the year saw bitcoin’s value drop to $6,200, representing its worst first quarter since it came into existence.
Since then, though, the cryptocurrency has risen in price. At the time of publishing it is trading at $9,133, according to CoinMarketCap. Yet, while it has increased in value since the beginning of the year, the thought of it possibly rising to $64,000 by the end of 2018 seems inconceivable right now.
Fundstrat co-founder Tom Lee has also been bullish on the price of bitcoin. He thinks that the price of the cryptocurrency will reach $25,000 in five years, and is of the opinion that investors should hodl the currency during price drops. It remains to be seen whether or not bitcoin can attain new heights and what this will mean for the market as a whole.
For now, though, the industry patiently waits to see when, not if, bitcoin once again crests the $10,000 mark. It can only be a matter of time.
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