[Analyst: Volatility-Adjusted Rainbow Chart Estimates Bitcoin's Fair Value at $177,000, Current Price Discount Approximately 55%] According to a report by Jinse Finance, on May 16, CryptoQuant analyst Axel Adler Jr released a market analysis stating that the volatility-adjusted Bitcoin Rainbow Chart indicates a fair value of $177,000. Compared to Bitcoin's current market price, the discount is approximately 55%, suggesting that the current market is significantly below the model's trajectory range for this halving cycle. At the same time, the model does not rule out the possibility of further price declines. Over the next six months, there remains significant room for Bitcoin's price to drop further.