Crude oil prices will rally in the near-term, but then investors will see another sharp selloff that will take crude back down to seven-year lows, according to one technical analyst.

Looking at the chart for light, sweet crude, prices will rise to $76 to $80 in the next two months, Dick Otto from Matrix Asset Management said Friday. But then another slide is expected.

"What we seen when we look at the move down from $130 to $50 is an impulsive wave," Otto said.