Wall Street’s Fundstrat Firm is out with yet another bullish Bitcoin Prediction. This time something really big. Fundstrat Global Advisors has bullishly predicted where it thinks the bitcoin price could be by 2019 in a new report.
Fundstrat’s Sam Doctor wrote that the Bitcoin price could reach anywhere between $20,000 and $64,000 next year.
According to Fundstrat, 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 Bitcoin price of about $36,000 by 2019 year end, with a $20,000-$64,000 range.”
The bitcoin price 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.
Earlier this week, Fundstrat managing partner “../?s=tom+lee” target=”_blank” rel=”noopener noreferrer”>Tom Lee predicted a short term rally in the Bitcoin price. He feels that the annual Consensus conference happening next week could cause the kind of gains that would push the asset back above the $10,000 mark – potentially by a fair bit.
Read more: Tom Lee: Bitcoin Set To Rally on Consensus Conference
Tom Lee tweeted
CRYPTO: Our quant/data scientist @fundstratQuant publishing #bitcoin mining white paper. Crypto mining economics lead/explain “https://twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw”>$BTC price—suggests $39,000 per bitcoin by YE19. key takeaways below..
— Thomas Lee (@fundstrat) May 10, 2018
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.
Also read: Bitcoin Price Predictions For Year 2018 And Ahead By Bitcoin Experts
KryptoMoney.com publishes latest news and updates about Bitcoin, Blockchain Technology ,Cryptocurrencies and upcoming ICO’s.
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
