CryptoQuant analyst Axel Adler Jr. said Bitcoin is trading in the lowest range of the Rainbow Chart model and at an extreme discount relative to its long-term model price path. According to Odaily, the volatility-adjusted Z-Score is -2.293, below the -1.979 seen at the 2022 bear market bottom, indicating a deeper downside deviation from the model than in the previous bear market low. The indicator shows undervaluation within the model but does not by itself confirm a final bottom, and a market reversal still needs separate confirmation.