Analyst: The low price of Bitcoin's hash rate may suggest that BTC price is near the bottom

ChainCatcher message, CryptoQuant analyst Woominkyu's latest analysis report points out that there is a close correlation between the Bitcoin hash price and the Bitcoin price. The currently low hash price may suggest that the Bitcoin price is approaching its bottom.

Woominkyu explains that the hash price reflects the profitability of miners. He illustrates through charts that historically, when the hash price drops to a low level (the area marked by the blue box in the chart), it often corresponds to periods when the Bitcoin price is at or near its lowest point. This historical pattern indicates that the lows in hash price often coincide with the moments when the Bitcoin price hits bottom.