Volatility-adjusted Rainbow Chart: the model-implied fair value is $177K. That implies a discount of roughly 55%relative to BTC’s current price, meaning the market is trading well below the model trajectory of the current halving cycle.


At the same time, the model does not rule out further downside and does not exclude the possibility that over the next ~6 months, price could move materially lower.
BTC0.53%
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