Bitcoin has fallen below the lowest band of the Bitcoin Rainbow Chart for only the second time, dropping into the model’s purple “Bitcoin Is Dead” zone, according to CoinDesk, after sliding about 50% from its October 2025 all-time high of $126,000. BTC was trading near $62,500, around its April 2024 halving price, prompting debate over whether the move signals deep undervaluation or that the long-running chart is losing relevance as ETFs, institutions and macro forces reshape price discovery.