When analyzing the Bitcoin mining ecosystem, the consulting firm Fundstrat predicted that the price of the digital asset could reach the $ 64,000 mark by the end of 2019.
According to a study by Fundstrat, which regularly offers cryptocurrency analysis, the increase in bitcoin miners' spending could allow the cryptocurrency to be exchanged between 20,000 and 64,000 dollars. at the end of 2019
This is what Sam Doctor, the company's research director, said:
"We believe that the evolution of hash power can generate a price of around $ 36,000 for Bitcoin at the end of 2019, in the range of $ 20,000 to $ 64,000."
Despite the high volatility of the assets, Fundstrat believes that the economic logic behind BTC's mining induces key levels of support. In fact, miners are less likely to sell their rewards when the price of Bitcoin is low, and will tend to expect bullish outbreaks before switching their currencies for dollars.
This is what Dr. Doctor explained in an interview with CNBC last Thursday:
We believe that the main "net sellers" are the Bitcoin miners, the rest are agreements between investors.
"We believe that balance points provide a level of support for BTC, since the miners, who are the" natural "sellers of cryptocurrencies, reduce their sales when the BTC / USD price is low. the evolution of the hash power and the threshold of profitability, we could reach a price of $ 36,000 for Bitcoin at the end of 2019. "
Fundstrat estimates that the break-even point for the Antminer S7 model is a price of $ 6,003 per Bitcoin. Its older brother, the Antminer S9, would benefit, on the other hand, from a lower point of equilibrium: the miners are, on average, able to generate profits as soon as the price of Bitcoin exceeds $ 2,369.
These two devices are produced by Bitmain, the industry leader, which generated an operating profit of 3 to 4 billion dollars last year.
Mr. Doctor added:
"The launch of new generation mining equipment should trigger the emergence of a new cycle of investment in these peripherals, as well as a greater power hash, which could accelerate if the price of Bitcoin increased.
According to CNBC, Fundstrat co-founder Tom Lee remains the only major Wall Street figure that covers Bitcoin and encryption markets.
In July, Lee predicted that the price of the BTC - which was then around $ 2,500 - would probably fluctuate between $ 20,000 and $ 55,000 in 2022. He said that Bitcoin should become the eyes of many investors, a relevant substitute for the
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