TechFlow reports, according to a recent analysis by CryptoQuant analyst Woominkyu, there is a strong correlation between Bitcoin hash price and Bitcoin's market price. The currently depressed hash price may suggest that Bitcoin is approaching a price bottom.
Woominkyu explained that hash price reflects miners' profitability. Through a chart, he demonstrated that historically, periods of low hash price (marked by blue boxes in the chart) often coincide with times when Bitcoin’s price was at or near its lowest levels. This historical pattern indicates that troughs in hash price frequently align with Bitcoin price bottoms.
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