Bitcoin falls below the bottom of the rainbow chart, analysts disagree on the validity of the model

Bitcoin has fallen below the lowest range on the Bitcoin rainbow chart, marking the second time in history that it has entered the purple zone. Some holders compare the current situation to the bottom of the cycle formed by Bitcoin falling to around $15000 in 2022. XYO co-founder Markus Levin stated that the price has fallen below the range maintained for over a decade for the first time, and the rainbow chart is no longer valid. Ethra COO Emad Shahin stated that Rainbow Chart is an emotional indicator rather than a predictive tool. GoMining CEO Mark Zalan stated that the region represents extreme panic and underestimation, often followed by repairs. Lee stated that the current low position of Bitcoin on the rainbow chart indicates a weakening market sentiment. If risk appetite worsens, Bitcoin still cannot rule out the possibility of falling towards the low range of $50000.