The Wall Street’s favorite research firm is giving incredible Bitcoin predictions. Fundstrat Global has acquired quite credible street credentials on the Wall Street. Their analysis of the crypto market has caught the eyes of the big payers. They released a report which predicted the Bitcoin to be mooning to $36,000 in the year 2019.
The analysis was based on the improvements in the technology of mining and its impact on the mining economy. The report argues that the electricity cost for the mining are on their way to go significantly down.
This is happening due to the introduction of the new and more efficient rigs coming to the markets. These new rigs have higher hash power per watts which put them at a significant advantage with the today’s technology.
The report further analyzed the patterns which are going to dominate the future of the mining economy. Mining is increasingly concentrated in large-scale operations, the report says.
Smaller miners are already feeling pressure and need to join in the pools just to stay competitive in the long run.
So the current growth of the hash power is influencing the prices of Bitcoin which are going to be in the range of $20,000 to $64,000 and $36,000 is the number which makes the most sense to the crypto wizards at Fundstrat Global.
The primary net sellers are the bitcoin miner but this also includes a minority of the Bitcoin users in transactions.
The mooning phenomenon is dependent on the miner’s ability to hold on to the coins through Bitcoin Winter and selling it when it begins to go a little high and recover from its current state.
There were similar predictions earlier by Fundstrat regarding the future prices. Once they claimed that by 2022, the prices of Bitcoin can jump significantly up to almost $55,000.
The improvement in the new mining rigs and entry of bigger players in the game surely led credence into their analysis.