Analysts: Low Bitcoin Hash Price May Suggest BTC Price Near Bottom

CryptoQuant analyst Woominkyu's latest analyst report states that there is a strong correlation between the Bitcoin Hash Price and the Bitcoin price, and that the current low Hash Price could suggest that the Bitcoin price is nearing a bottom.

Woominkyu explains that the hash price reflects the profitability of miners. Using a chart, he shows that historically, when the price of arithmetic power drops to lower levels (the area marked by the blue box in the chart), it often corresponds to a period when the price of bitcoin is at or near its lowest point. This historical pattern suggests that troughs in arithmetic prices tend to coincide with moments when the bitcoin price bottoms out.