As long as it holds above $13,000, bitcoin has a chance of spiking to $45,000 later next year, a technical analyst told CNBC on Friday.
Bitcoin was under continued pressure Friday, falling nearly 18 percent at one point. But the digital currency had skyrocketed the day before, reaching above $19,000, before plunging.
Walter Zimmermann, an analyst who's been tracking bitcoin charts, said the popular cryptocurrency is like a "video game" filled with speculators who could propel it higher.
Bitcoin "is not an investment," said Zimmermann, vice president and chief technical analyst at ICAP. "People who come in here now, they're not investors. It's a video game. And people who come in now are gamers."
"I think bitcoin should have won 'game of the year,'" Zimmermann said on "Squawk Alley." "If you buy it here, I think it's a little disingenuous to say you're an investor because it's literally the Wild West."