Bitcoin hits a 10-year low; its volatility-adjusted Z-Score drops to -2.293.

According to CryptoQuant analyst Axel Adler Jr., Bitcoin's current trading price is in the lowest range of the rainbow chart model, representing an extreme discount relative to the long-term model's price trajectory. The volatility-adjusted Z-Score is -2.293, lower than the -1.979 at the bottom of the 2022 bear market, indicating that the current downward deviation relative to the model has exceeded that of the previous bear market bottom. This indicator shows the degree of undervaluation within the model, but it cannot independently confirm the final bottom; a market reversal still requires further confirmation.