Bitcoin Price Forecast: Rainbow Chart Highlights October 31 $1.36M Target

The Bitcoin price forecast long-term valuation model, the Rainbow Chart, suggests that the cryptocurrency remains below its historical trend valuation as October begins. The outlook comes as Bitcoin failed to reclaim the $90,000 level, a move that could have opened the door to a push toward six-figure valuations. At press time, Bitcoin was trading at $84,584, while remaining above its 50-day SMA of $78,136 and 200-day SMA of $71,404, indicating the broader uptrend remains intact. (SOURCE: CoinGlass) Although the Rainbow Chart’s October 31 valuation bands sit well above Bitcoin’s current price, the indicator is designed to gauge long-term valuation rather than forecast where $BTC will trade by month-end. According to the chart, the highest valuation zone on October 31 is ‘Maximum Bubble Territory’ at $1.36M, a band historically associated with extreme market euphoria and cycle tops, a position we aren’t yet in. What Does the Rainbow Chart Say About Bitcoin for October and Beyond? Below, the ‘Sell. Seriously, SELL!’ zone is marked at $998,844, which corresponds to historically high valuations and increased profit-taking. The ‘FOMO Intensifies’ band is set at $733,467, indicating peri...