Bitcoin is in the extreme discount range of the rainbow chart, with a downward deviation exceeding the bottom of the bear market in 2022
According to CryptoQuant analyst Axel Adler Jr., the current trading price of Bitcoin is in the extreme discount range of the rainbow chart model, with a volatility adjusted Z-Score of -2.293, hitting a new low since 2016 and lower than the 2022 bear market bottom of -1.979.