Despite the negative statements from Bill Gates and Warren Buffett last week and recent Bitcoin price fall continue to state that Bitcoin price will soon be back above the psychological $10,000 mark for the first time since the month of March.
Robert Sluymer, managing director and technical strategist at Fundstrat Global Advisors said:
"The regulatory risk, the fundamental risk around what's happening with cryptos has hit a bottom and now we are in a state of general recovery."
There is further achievable prediction by Fundstrat, an investment research firm that Bitcoin could soar as high as $64,000 in 2019.
Sam Doctor, head of data science research at Fundstrat said:
"We believe the current path of hash power growth supports a BTC price of about $36,000 by 2019 year end, with a $20,000 - $64,000 range. The primary net seller in our view are bitcoin miners and the rest are transactions between investors."
Fundstrat estimates the cash break-even price for the newer Antminer S9 model is $2,368 and $6,003 for the older Antminer S7. All these models are produced by Beijing-based Bitmain it was estimated that they had $3 billion to $4 billion in operating profits in 2017.
"The release of the next generation of rig hardware should trigger a new round of capex as well as hash power growth, which could accelerate if BTC price appreciates," Sam said.