Bitcoin drops into Rainbow Chart's 'BTC is dead' zone after 50% decline, sparking analyst debate
By
Olivier Acuna
Summary
Bitcoin has dropped approximately 50% from its recent highs, pushing it below the lowest band of the Rainbow Chart — a logarithmic price tracking tool created by Reddit user Azop in 2014. This breach into the so-called "BTC is dead" zone has sparked debate among crypto analysts. Some view the drop as a historic buying opportunity, while others question the continued validity of the Rainbow Chart itself, as this marks the first time in over a decade that price has broken below a previously reliable support band.
Source
bskyBitcoin drops into Rainbow Chart's 'BTC is dead' zone after 50% decline, sparking analyst debatecoindesk.comKey quotes
· 3 pulledThe first time price breaks below a band that has held for over a decade indicates that there's a str
The point where bitcoin is today in regards to the Rainbow Chart is viewed by some bitcoin holders as a great buy opportunity. Others, view it differently.
Analysts disagreed on what the breach means for bitcoin and the Rainbow Chart itself.
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