In the article Mining Will Propel Bitcoin Price To $36k In 2019, Says Latest Fundstrat Research William Suberg presents the finding of Fundstrat Global Advisors suggesting that the Bitcoin price will increase because the mining cost will increase.
How should mining costs drive the Bitcoin price up?
However, the other way round, the causal effect is quite clear: an increase in Bitcoin's price increases mining profit and causes more miners to enter the field, hence driving the hashing power and mining cost up.
If we see a price increase following an increase in mining costs, then to me this looks more like market manipulation than the effect of any causal relationships.
