One of CNBC’s top technical analysts told viewers to enjoy the roller coaster ride of bitcoin on its way to another breakout.
The Man Who Called Bitcoin $10K
Carter Worth, who has been billed as “the man who called Bitcoin $10K,” appeared on CNBC’s Fast Money July 2 to give his prediction for where the cryptocurrency would go next.
Worth first appeared on the program June 17 and made the prediction that bitcoin was on its way above $10,000. Four days later the currency shot above the $10K mark on an epic rally that reached as high as $13,800.
Technical analyst Carter Worth predicts bitcoin will have another breakout | Source: CNBC Fast Money
Even before bitcoin went on its massive rally, Worth told investors to be bullish and take out long positions,
“I think the important thing is not about how high it can go, it’s that the lows of December [2018] are likely to stand as important lows and that this is an enduring thing to be played on the long side.”
Heading For Another Breakout
In his most recent appearance, Worth conceded that there has been a lot of market volatility and that cryptocurrency is “the Wild West, to say the least.” However, he remains bullish on bitcoin and points to a strong upward trendline since reaching its bottom at the end of last year.
Worth points to four major sell-offs for bitcoin already in 2019, including the July 1 plunge during which BTC briefly fell below the $10,000 mark. Each time bitcoin experienced a bounce that took the currency to a new relative high for the year and continued what he called a “quite orderly” and “well-defined” upward trend.
Opportunity To Go Long
When looking at the broader picture for bitcoin’s price over the last several years, Worth said it was “anybody’s guess” whether it could return to the last all-time high of $19,500. However, he said it was not “nuts” based upon chart behavior and doubled down on his bullish outlook for bitcoin in the short-term.
He told the Fast Money crew,
“What we do know is this [trend] is quite orderly. The lows should stand as major lows in December and this [July 1] pullback of 30 percent, I think it’s an opportunity to get long if you’re not long already.”
Worth called the correction healthy and said that he liked the most recent pullback because it allows the price to continue higher. The analyst explained that the sudden change in valuation for bitcoin removed weak-handed investors who will be forced to come back at a higher price, if at all.
