Published: Sat, May 12, 2018
Markets | By Otis Pena

Bitcoin At $64000 Next Year? Don't Rule It Out

Bitcoin At $64000 Next Year? Don't Rule It Out

Earlier this week, MarketWatch reported that Lee said the cryptocurrency could increase by as much as 70 percent as a result of Consensus. Experts believe that processing power needed to solve a mathematical puzzle, known as hash power will increase 350% in 2019. In order for this to occur, the computer relies on something called "hash power", or power to guess the solution.

Mr Sluymer, a strategist at Fundstrat Global Advisors, told CNBC: "The regulatory risk, the fundamental risk around what's happening with cryptos has hit a bottom and now we're in a state of general recovery".

The survey also contained a prediction question, with the highest number of respondents opting for a range of between $10,000 and $20,000 by the end of 2018.

At the end of 2017, the price of bitcoin saw its value rise to unprecedented heights of almost $20,000.

New York City is holding Blockchain Week's annual event for the first time since May 11, which Mr Sluymer said was another reason why bitcoin had surged following the price crash.

Depression Rates Surge By 33 Percent Since 2013, Study Finds
During that period, depression among the network's adolescents rose 63 percent; among millennials (ages 18 to 34), 47 percent. Women are diagnosed with major depression at double the rate of men (6 percent and 3 percent, respectively).

However, the economics of Bitcoin mining likely create a support level for the cryptocurrency. Mining firms have been reportedly scaling up their operations following last year's prolonged bull market.

Fundstrat Bitcoin prediction further provides estimates regarding the cash break-even price for the older Antminer S7 model which is $6003 per Bitcoin and $2368 for newer Antminer S9. Both models are made by Beijing-based Bitmain, the world's dominant mining hardware manufacturer that is said to have made as much as $4 billion in operating profit during past year.

Tom Lee, co-founder of Fundstrat, has also given a bullish projection on the price of bitcoin during the Consensus conference, which takes place between the 14th and 17th May.

Bitcoin is not alone in this market decline, the top 10 currencies show negative numbers as of today in the last one hour, last 24 hours as well as their 7-day average. The firm strongly believes - based on multiple analyses - that the cryptocurrency ecosystem will go through sustained long-term growth.

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