Bitcoin’s price has plunged into zones historically tagged by long‑term valuation models as “fire sale” levels, according to the latest Bitcoin Rainbow Chart from Bitcoin Magazine Pro. The sentiment‑laden nomenclature — often shared jokingly in bitcoin circles — now has a more serious undertone amid one of the deepest corrective phases in recent cycle history.

The Bitcoin Rainbow Chart is a long‑term logarithmic valuation tool and it overlays price against a spectrum of colored bands, historically interpreted as oversold, fairly valued, or overbought. 

After an extended drawdown from cycle highs, Bitcoin’s price now sits in one of the lower bands traditionally…

Read more on BitcoinMagazine