New research from Fundstrat Global Advisors places Bitcoin prices at $36,000 by the end of 2019, co-founder Tom Lee revealed Thursday, May 10.

Analysis of the relationship between Bitcoin mining costs and price by Fundstrat’s Quantamental Strategist Sam Doctor has led the market research firm to predict the cryptocurrency’s range will fall between $20,000 and $64,000 by 2019 year end.

The calculations focused on Bitcoin Price to Mining Breakeven Cost Metric, known as P/BE, which Doctor says has “proven a reliable long-term support level.”

“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,” an executive summary of the findings uploaded to Twitter by cofounder Tom Lee reads.

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

The price target is broadly in line with Lee’s own recent prediction of $25,000 by the end of 2018.

Remaining bullish on Bitcoin has characterized both Lee and Fundstrat in recent months, a previous survey in April revealing that 82% of institutional investors believed prices had already “bottomed out.”

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 this year.