New research by Fundstrat Global Advisors puts Bitcoin prices at $ 36,000 by the end of 2019, revealed co-founder Tom Lee on Thursday, May 10.
The analysis of the relationship between Bitcoin mining, its cost and price by Fundstrat Quantamental Strategist, Sam Doctor, has led the market research firm to predict that the range of the cryptocurrency will fall between $ 20,000 and $ 64,000 for the year 2019.
The calculations focused on the Bitcoin price to the mining equilibrium cost metric, known as P / BE, which according to Doctor "has proven to be a reliable level of long-term support."
"We expect the mining economy to grow in the coming years and project a BTC price of ~ $ 36,000 for the year 2019 based on the historical average of a multiple of 1.8x P / BE", says an executive summary of the uploaded findings to Twitter by the co-founder, Tom Lee.
The price target is in line with Lee's recent forecast of $ 25,000 at the end of 2018.
Staying bullish in Bitcoin has characterized both Lee and Fundstrat in recent months, a previous survey in April that revealed that 82% of institutional investors believed that prices had already bottomed out.
The survey also contains a prediction question, with the largest number of respondents opting for a range between $ 10,000 and $ 20,000 by the end of this year.
