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Bitcoin price climbed in price after reports emerged Facebook Inc is due to launch its own cryptocurrency. But cryptocurrency expert Carter Worth has said the focus should be on the December

low when bitcoin hit £3,200, which he said could stand as an “important low” and indicate a long-term upside in the cryptocurrency. Cornerstone Macro's Carter Worth told CNBC the

cryptocurrency is likely to hit the $10,000 mark. He said: “What we know is there is a lot of stand off. Has it broken above its downtrend line? Of course, it has. “That is optically very

very clear. Let’s put in a bottom one. Is it a wedge from which it just broke out? That’s fairly clear too.” Citing a chart from January to June 2019, Mr Worth pointed out the rise in the

price of the cryptocurrency, adding: “We are back to the days of the bitcoin bug, perhaps. “I think 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. “This is an enduring thing to be played on the long side.” According to CoinDesk’s bitcoin price index, the world’s largest digital currency hit as high as

$9,381.82 this weekend. Bitcoin price is currently at $9,168.48 at 10:00 on Wednesday. It saw its highest price before December 2017 when the cryptocurrency hit just under $20,000. The

comments come as Facebook announced the launch of its own cryptocurrency to take on the global dominance of bitcoin. The social media giant this morning revealed its white paper for Libra -

a coin that can be used across its vast network of more than two billion users who will be able to transfer money and purchase goods without fees. Rumours of a move into the cryptocurrency

space circulated last year when the California-based platform began hiring crypto and blockchain-savvy executives. Facebook's founder - Mark Zuckerberg - has remained tight-lipped about

the project, which will deliver a powerful new revenue stream to the embattled company currently facing a potential federal antitrust investigation as well as privacy policy probes. In a

statement released this morning, Facebook said Libra would be available under a project labelled 'Calibra'. It said: "Today we’re sharing plans for Calibra, a newly formed

Facebook subsidiary whose goal is to provide financial services that will let people access and participate in the Libra network. "The first product, Calibra, will introduce a digital

wallet for Libra, a new global currency powered by blockchain technology. "The wallet will be available in Messenger, WhatsApp, and as a standalone app — and we expect to launch in

2020." In the announcement, Facebook says it has taken the step into cryptocurrency to spread social good among financially challenged communities. Analysts at RBC Capital Markets said

last week they believe Facebook’s virtual currency “may prove to be one of the most important initiatives in the history of the company,” giving it a chance to bring in more engagement and

revenue.