Bitcoin Hash Price Decline May Indicate Price Bottom, Analyst Suggests

According to Foresight News, CryptoQuant analyst Woominkyu has released a new analysis report highlighting a close correlation between Bitcoin's hash price and its market price. The current low hash price may suggest that Bitcoin's price is nearing its bottom. Woominkyu explains that the hash price reflects miners' profitability. He illustrates through historical data that when the hash price drops to lower levels, it often coincides with periods when Bitcoin's price is at or near its lowest point. This historical pattern indicates that the troughs in hash price frequently align with Bitcoin's price bottoms.