If Apple prices its rumored 6.1-inch iPhone at $700 this year, it could sell like hotcakes. 

Analyst Ming-Chi Kuo of KGI Securities says a less-expensive iPhone could sell up to 105 million units during the 2018-2019 product cycle. As reported by MacRumors, he predicts the less-expensive 2018 iPhone will have Face ID, but save costs by using an LCD screen instead of an OLED display, as well as a metal case, a single-lens camera, and elimination of the 3D Touch feature. 

Kuo expects the new phone to launch in the second half of 2018 -- Apple's iPhone event is traditionally in September. It will reportedly represent the least expensive member of the lineup, alongside a new 5.8-inch iPhone X and a larger 6.5-inch iPhone X Plus. Kuo predicts the cheaper LCD-based iPhone phone to account for around half of iPhone shipments in 2018 and into 2019.

Apple did not immediately respond to a request for comment.

In its earnings report earlier this month Apple said it sold 77.3 million iPhones in the fourth quarter of 2017, down 1 percent from a year ago and falling short of analysts' predictions. The higher-priced phones in 2017 did help Apple achieve all-time records in quarterly profit and revenue, however.