According to top Wall Street strategist Thomas Lee, head of research at Fundstrat Global Advisors, research by their data scientist Sam Doctor shows that crypto mining economics explains Bitcoin’s price and suggests a price of around $36,000 per bitcoin by the end of 2019.

Boutique research firm Fundstrat Global Advisors released its second report this week on the cryptocurrency market. The report titled “The Mining White Paper” by one of their data scientists, Sam doctor, explains that a metric called “Bitcoin Price to Mining Breakeven Cost” (P/BE) historically has provided a reliable support level for Bitcoin and that based on their model of growth in the Bitcoin mining economy over the next several years, it is reasonable to expect a price range of $20,000-64,000 by the end of 2019, with the price most likely to be around $36,000.

Fundstrat’s Thomas Lee sent out a tweet on Thursday to show the executive summary from this report:

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This report comes three days after Thomas Lee published his own report titled “Bitcoin/Crypto to Rally During Consensus 2018”, in which he predicted a price rally for Bitcoin and other cryptocurrencies during Consensus 2018 — the blockchain conference being held in New York City next week (14-16 May) — and forecasted a price of around $25,000 by the end of 2018.

He wrote in this report: “Already one of the largest crypto conferences in the world, attendance this year is up dramatically and coming at a time when Bitcoin/Crypto is down YTD. Hence, we expect the Consensus rally to be even larger than past years.”