Analyst who predicted 2007-2009 US bear market now long on Bitcoin

2016
Bitcoin price

Early in November 2007, when the Dow Jones was at all-time highs, Carter Worth was one of the few US financial analysts calling the beginning of a bear market – a brutal two years for stock market investors would follow.

The 2007 bear market call shot Carter Worth to prominence, now fast-forward almost 12 years and the man known as ‘The Chart Master’ has gone public with a big Bitcoin price call.

Speaking this morning on CNBC’s Fast Money, the technical analyst revealed he’s officially long on Bitcoin.

“Has it broken above its downtrend? Of course it has, it’s optically very, clear,” said Worth while analysing a long-term Bitcoin chart.

“Is it a wedge from which it just broke out? That’s fairly clear too.”

bitcoin price
Carter Worth demonstrates a breakout above the downtrend line on a long-term Bitcoin chart. (CNBC Fast Money)
bitcoin price
Carter Worth demonstrates the wedge breakout on the same Bitcoin chart. (CNBC Fast Money)

Worth also highlighted two bull flag breakouts on a shorter-term chart.

“Look at this chart… We’re back to the days of the Bitcoin bug!”

bitcoin price
Carter Worth highlights bull flag breakouts on a shorter-term Bitcoin price chart.

How high can the Bitcoin price go?

While showing confidence in a sustained long-term Bitcoin price rise, Worth wasn’t willing to make any headline-grabbing price predictions.

“The important thing is not about how high it can go, it’s that the lows of December are likely to stand as important lows and this is an enduring thing to be played on the long side.”