Bitcoin Rainbow Chart predicts BTC price for October 31, 2026

Bitcoin’s ($BTC) long-term valuation model, the Bitcoin Rainbow Chart, is suggesting 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.

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 $1.36 million, a band historically associated with extreme market euphoria and cycle tops.

Below it sits ‘Sell. Seriously, SELL!’ at $998,844, a zone linked to historically stretched valuations and heightened profit-taking. The ‘FOMO Intensifies’ band stands at $733,467, representing periods when speculative demand accelerates.

Next is ‘Is this a bubble?’ at $547,041, followed by ‘HODL!’ at $396,987, a region generally considered fair value. The ‘Still cheap’ band sits at $287,747, while ‘Accumulate’ is positioned at $209,292, both indicating undervaluation relative to Bitcoin’s long-term trend.

The ‘BUY!’ band stands at $153,802, representing significant undervaluation, while the lowest band, ‘Basically a Fire Sale,’ is located at $115,355, a zone historically associated with deep discounts and extreme market pessimism.

With Bitcoin currently trading at $84,584, the cryptocurrency remains below the chart’s lowest valuation band, highlighting the gap between current market prices and the model’s long-term trajectory.

Bitcoin short-term outlook

While the Rainbow Chart focuses on long-term valuation, crypto analyst Ali Martinez is watching a much nearer-term price level.

According to Martinez in an X post on October 3, Bitcoin’s recent rally toward $87,000 stalled after whales reportedly took profits on more than 30,000 $BTC. The $87,000 region also coincided with the upper boundary of a trading channel that has capped prices for more than two weeks.

Following the rejection, Martinez identified $82,500 as the immediate downside target. The analyst argued that if Bitcoin falls to that level and whale accumulation resumes, it could provide confirmation for another rebound attempt toward $87,000.