Bitcoin (CRYPTO: BTC) may be approaching a short-term recovery, but renowned market analyst Alessio Rastani warns that the bigger risk is a multi-year bear market beginning in 2027.
In a Cointelegraph interview on Aug. 6, Rastani noted that Bitcoin could stage a temporary rally over the next three to six months before another major decline.
His longer-term thesis draws partly on an Elliott Wave analysis from veteran market forecaster Robert Prechter, which suggests Bitcoin completed a five-wave advance around its $126,000 all-time high.
Under Elliott Wave theory, completing a five-wave advance can precede a larger correction toward the previous fourth-wave region.
Prechter’s interpretation produces an extremely bearish long-term target around $3,500, corresponding with Bitcoin’s 2018 bear-market lows.
