CryptoQuant analyst: Low Bitcoin hashrate may suggest BTC price is near bottom

Odaily Odaily News CryptoQuant analyst Woominkyu's latest analysis report points out that there is a close correlation between Bitcoin hash price and Bitcoin price, and the current low hash price may suggest that Bitcoin price is approaching the bottom. Woominkyu explained that hash price reflects the profitability of miners. He showed through a chart that historically when hash price dropped to a lower level (the area marked by the blue box in the figure), it often corresponded to a period when Bitcoin price was at or near its lowest point. This historical pattern shows that the trough of hash price often coincides with the moment when Bitcoin price hits bottom.