The bitcoin price could reach $64,000 by the end of 2019, according to a new analysis of cryptocurrency mining economics.
The study, conducted by Wall Street strategy firm Fundstrat Global Advisors, argues that that the ratio between the bitcoin price and miners’ breakeven cost (P/BE) has proven to be a “reliable long-term support level” for the flagship cryptocurrency and that current and future mining infrastructure development will “underpin bitcoin price appreciation into year-end 2019.”
“We expect the mining economy to grow over the next several years, and project a BTC price of ~$36,000 by year end 2019 based on the historical average 1.8x P/BE multiple,” Fundstrat quantamental strategist Sam Doctor wrote in the report.