Bitcoin Faces Potential $61,500 Dip Amid Bearish Chart Signals

Bitcoin is facing pressure as recent chart analysis suggests a possible decline to $61,500 by the end of October 2026. The concern stems from the coin being rejected by its 50 week moving average for three weeks in a row. This pattern shares similarities with trends observed before major price drops in January and May of this year, leading some analysts to worry about further downward momentum.

Traders are now watching a specific higher lows trendline that has served as a vital support point during the recent recovery. If this level fails, it could trigger a new wave of selling pressure. The analysis points to the 3.5 Fibonacci extension level as a potential target for the drop, which aligns with previous market bottoms seen in 2026.

Despite these concerns, not all experts see a bearish path ahead. Analyst Michaël van de Poppe suggests Bitcoin is simply in a consolidation phase. He noted that breaking through the $78,000 resistance level would be a positive sign, potentially triggering fresh strength across the broader market and setting the stage for new price highs.

For now, market participants should monitor the 50 week moving average closely. A weekly close above this point would invalidate the current bearish theory. Meanwhile, Bitcoin has shown some resilience, trading around $78,013 as investors weigh these conflicting technical signals.