Bitcoin (BTC), investors are keen to hear the opinion of experts in the field. In this context, the co-founder of Fundstrat Global Advisors and a long-time Bitcoin advocate, Tom Lee, is one of the best examples of financial gurus who know their stuff.
As it stands, Lee’s team of financial advisors has revealed a drastically bullish prediction regarding the price of Bitcoin, the world’s leading digital currency by market cap. To better put things into perspective, Fundstrat’s Sam Doctor mentioned the idea that the price of one Bitcoin could reach at least $20,000. But, technically, there should be no stopping, so much so that BTC could see highs of nearly $64,000 at some point in 2019.
Prediction Related to Mining
The reasons for which Fundstrat might believe this prediction could come true relates to the process of mining Bitcoin. The crypto is close to achieving its maximum supply of 21 million coins, according to newsbtc.com, and this could have significant consequences on the market.
The team stated that the cost of mining one single Bitcoin has proved to be a solid support in the past. Ultimately, as the difficulty of mining increases, as we approach the last Bitcoin to be mined, support will substantially increase. At the moment, Bitcoin just recently passed the landmark of 17 million coins in supply, which means that miners are getting relatively close to the pre-set maximum circulation. Adding fuel to the fire, Fundstrat suggested the following:
“Bitcoin miners verify and process transactions, supporting the network in exchange for mining rewards and transaction fees […] we argue that the Price/Miner’s 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.”
Another Possible Prediction
A few days before Doctor’s statement, Tom Lee has also made a prediction regarding Bitcoin and its future. He declared that the annual Consensus conference set to take place this week could prompt gains that would place the coin above the $10,000 mark.
Set in Manhattan between May 14 and May 16, it is believed that nearly 7.000 crypto advocates will be in attendance of the event. His confidence surrounds the idea that the previous four Consensus events have all pushed the price of BTC up by anywhere from 10% to 70%.
Bearing this in mind, Lee suggested that the price of BTC heading into the conference will be lower, but the rally will make it more potent than some could ever imagine.