Published On: Fri, May 11th, 2018

Bitcoin to Reach $64,000 in 2019, Based on Mining Economy, Says Fundstrat

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Based on analysis of the bitcoin mining economy, the world’s most well-known cryptocurrency could reach as high as $64,000 USD by the end of next year.
Bitcoin Miners Do the Selling
According to independent research boutique Fundstrat, which provides market strategy and sector research, the bitcoin mining boom could potentially send the dominant cryptocurrency by market capitalization to upwards of $64,000 USD by the end of 2019. States the company’s head of research, Sam Doctor, in a report:
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.
Bitcoin is infamously volatile, creating FOMOers and naysayers on what feels like a weekly basis. Nevertheless, Fundstrat believes the economics behind bitcoin mining create key support levels — since bitcoin miners are less likely to sell their rewards during market downturns, and more likely to cash out during bull runs. Explained Doctor in a conference call to CNBC on Thursday:
The primary net sellers, in our view, are bitcoin miners, and the rest are transactions between investors.

We believe breakeven mining costs provide a support level for $BTC, as #miners – main natural #Crypto sellers – reduce selling …

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