Bitcoin price dropped to levels on Thursday that placed it below the “Fire Sale!” band on the Bitcoin Rainbow Chart — a depth not reached since the catastrophic FTX exchange collapse in November 2022 — as the Fear and Greed Index registered a reading of 12 out of 100, deep in “Extreme Fear” territory.

Bitcoin price opened today near $63,500 after sliding below $62,000 last night. That puts BTC below even the most discounted valuation band on the Bitcoin Rainbow Chart — a level the model historically flags as a rare and extreme buying signal.

The Bitcoin Rainbow Chart is somewhat of a logarithmic growth curve overlaid with color-coded sentiment bands. The deepest…

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