Fundstrat Global Advisors, the research firm known for its bullish Bitcoin bets, is at it again with the second forecast in a week leading up to one of the world\u2019s biggest cryptocurrency conferences.<\/p>\n
One Bitcoin could be worth around $36,000 by the end of 2019, Fundstrat\u2019s Sam Doctor wrote in a report for clients Thursday, noting that the value of the top digital token could range from $20,000 to $64,000.<\/p>\n
It traded around $9,300 on Thursday. The researcher\u2019s call was based in part on the notion that improving cryptocurrency mining economics support price appreciation.<\/p>\n
\u201cBitcoin miners verify and process transactions, supporting the network in exchange for mining rewards and transaction fees,\u201d Fundstrat said.<\/p>\n
\u201cWe argue that the Price\/Miner\u2019s Breakeven Cost multiple has proven a reliable long-term support level, and further, that the likely trajectory of future mining infrastructure growth should underpin Bitcoin price appreciation into year-end 2019.\u201d<\/p>\n
Fundstrat\u2019s latest call comes three days after managing partner Tom Lee predicted the price of Bitcoin will rally during Consensus, a major virtual-currency conference next week in Manhattan that is expected to draw more than 6,500 attendees.<\/p>\n
At the time, Fundstrat estimated that the top digital token will cost $25,000 by the end of this year, though its projections have varied substantially over time. The researchers forecast in January that Bitcoin would be worth $125,000 by 2022.<\/p>\n