There's actually two slightly differing models here, if not more online by now, not just the blockchain center version of the chart.

1. https://www.blockchaincenter.net/en/bitcoin-rainbow-chart/
2. https://www.lookintobitcoin.com/charts/bitcoin-rainbow-chart/

I reference this as the LookIntoBitcoin version looks more relevant, as factors in the March 2020 low more accurately, as seems to have been adjusted to include it.



This chart also gives a bit more room to the downside potential, with the lower band at $16.2K whereas the other is around $18K if not mistaken.