Bitcoin's October Price Target Set at $61,500 Amid Bearish Chart Pattern

TradingShot, a trading expert, analyzed Bitcoin's (BTC) price movements and predicted that it could decline to $61,500 by the end of October 2026. The bearish forecast is based on a chart pattern resembling previous sell-offs in January and May 2026.

The analyst noted that Bitcoin has been rejected by its 50-week moving average (MA) for three consecutive weeks, creating an arc pattern similar to those seen before the market tops. This rejection at the 50-week MA is also similar to the situation in May when Bitcoin was rejected at the 200-day MA.

The higher-lows trendline has acted as a critical support area during the current recovery phase, and breaking below it could trigger aggressive selling pressure. The daily Relative Strength Index (RSI) structure mirrors previous corrections, reinforcing the possibility of another downside move.