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The Bitcoin price is in the news lately, after testing the $10,000 mark and slowly rising to new heights. According to a new analysis by Fundstrat Global Advisors, the leading cryptocurrency may even hit $64,000 in 2019.

As the analysts at Fundstrat claim, the ratio between the Bitcoin price and the breakeven cost of miners (P/BE) has proven to be reliable in the long run. More importantly, they predict that the current and future mining infrastructure development will “underpin the Bitcoin price appreciation into year-end 2019.”

As the main strategist Sam Doctor wrote in Fundstrat’s report:

“We expect the mining economy to grow over the next several years, and project a BTC price of ~$36,000 by year end 2019 based on the historical average 1.8x P/BE multiple,”

CRYPTO: Our quant/data scientist @fundstratQuant publishing #bitcoin mining white paper. Crypto mining economics lead/explain $BTC price—suggests $39,000 per bitcoin by YE19. key takeaways below… pic.twitter.com/f5ZQ4py3jS

— Thomas Lee (@fundstrat) May 10, 2018

Doctor added that although $36,000 is the first target for the Bitcoin price – it could end up anywhere between the $20,000 and $64,000 range depending on how the landscape develops in the course of the next 18 months.

The lower end of the range, on the other hand, represents a 113% increase from the current price. However, the more optimistic target represents a 583% surge. Currently, Bitcoin is trading at $8,768 with a 6.36% decline over the past 24 hours.

At the end of the day, there is a lot of room for development behind Bitcoin, according to Fundstrat. The company has long been bullish on the largest cryptocurrency by market cap – and even the founder Tom Lee said that the Bitcoin price may triple this year.