Bitcoin's (BTC) resurgence this year has convinced many analysts the crypto bear market has ended and the path of least resistance is to the higher side. QCP Capital suggests otherwise.

According to the Singapore-based crypto options trading giant, bitcoin's 47% year-to-date rally looks like a "bear breather" within a broader slide that began November 2021, and the final leg of the bear market could soon resume.

The analysis is based on Elliot Wave theory introduced by Ralph Nelson Elliott in 1938 in his book, "The Wave Principle." The theory assumes that asset price movements can be predicted by observing and identifying a repetitive wave pattern.

(By Omkar Godbole)

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