Bitcoin Rainbow Chart Signals Potential 27% Correction to $59K in November
The Bitcoin Rainbow Chart indicates a possible price drop to the $59,000 range in early November.
The Bitcoin Rainbow Chart indicates a possible price drop to the $59,000 range in early November. Bitcoin (BTC) is trading at ₹77,36,134 ($81,388.00). This is an original Token Times brief based on reporting by Finbold, with live market data added, as of Tue, 20 Oct 2026 10:00:01 UTC.
The Rainbow Chart is a widely followed technical analysis tool that has historically been accurate in predicting major price movements, making this warning significant for traders and investors.
- Bitcoin Rainbow Chart predicts a 27% price drop to $59,000 in early November.
- BTC currently trades at $81,450, showing signs of short-term weakness.
- Market sentiment remains in 'Greed' territory despite the warning.
- Bitcoin Open Interest Decline Signals Potential Rally Slowdown
- Bitcoin Rainbow Chart Signals Potential 27% Correction to $59K in November — this brief
The 
Bitcoin Rainbow Chart, a long-standing technical analysis tool, is indicating a potential price correction for Bitcoin in the coming weeks.
According to the chart, Bitcoin could experience a 27% drop from its current price of $81,450, bringing it down to around $59,000 in early November.
This warning comes as Bitcoin has been showing signs of short-term weakness, with a 1.56% decrease in the past 24 hours and a 2.91% decline over the past week.
The broader cryptocurrency market is also experiencing a downturn, with the total market cap currently at $2.79 trillion.
Despite the bearish signal from the Rainbow Chart, the Fear & Greed Index remains at 55, indicating that market sentiment is still in 'Greed' territory.
Since this brief published about 1 hour ago, Bitcoin (BTC) has moved from ₹77,42,027.02$81,450.00 to ₹77,36,133.77$81,388.00 — -0.08%.
The chart plots BTC's price: grey is the move before this brief published, the vertical dashed line marks the moment it published, the horizontal dashed line is the price then, and the coloured area is the move since — from Token Times's market data (daily resolution). It shows what happened after the news, not that the news caused it; many factors move prices. Not financial advice.
Will Bitcoin reach $87,500 in October?
Crowd-implied probability on Polymarket, ₹6.98M 24h volume, resolves Nov 1 — snapshotted when this brief published (Oct 20 09:05 UTC). A market price reflects what traders collectively expect; it is not a forecast by Token Times and will have moved since. View the market ↗
At today's peer-to-peer rate, 1 BTC ≈ ₹8.44M (about $81,388.00), down 1.6% over 24 hours. The rupee itself trades about 9.1% above the official rate on the P2P market, so a Indian buyer's effective cost differs from the headline dollar price.
Live market data
Current prices for the asset in this story — live, source-stamped, updated every 15 minutes.
Bitcoin Rainbow Chart Signals Potential 27% Correction to $5 — questions & answers
What is the Bitcoin Rainbow Chart?
The Bitcoin Rainbow Chart is a long-standing technical analysis tool that uses logarithmic regression to predict potential price movements for Bitcoin.
How reliable is the Rainbow Chart?
The Rainbow Chart has historically been a reliable indicator of major price movements for Bitcoin, though it is not infallible.
What could trigger the predicted price drop?
The predicted price drop could be triggered by a variety of factors, including profit-taking, macroeconomic factors, or a shift in market sentiment.
How much is 1 Bitcoin worth in rupee today?
About ₹8.44M at the live peer-to-peer (P2P) USDT rate, which is what Indians typically trade at — equivalent to roughly $81,388.00. The rupee price moves with both BTC's US-dollar price and the USDT/INR rate; use our Bitcoin in rupee page for any amount.
Has Bitcoin's price moved since this brief was published?
BTC is down 0.08% since this brief first published — trading at ₹77,36,134 ($81,388.00) now versus ₹77,42,027 ($81,450.00) at publication. Token Times re-checks this figure against CoinGecko and Binance every 15 minutes.
Which outlets reported this story?
This is an original Token Times brief that synthesises reporting from Finbold. It is not a copy of any one article — follow the source links above for the original reporting.
Original summary — not financial advice. This is an original Token Times brief that summarises a development reported elsewhere and adds live market data for context; it is not the original article and reproduces no part of it. Follow the source link above for full details. Crypto is volatile and high-risk — always do your own research.