Data That Works Perfectly to Find Bitcoin's Bottom Points to a New Opportunity

An analyst at the on-chain analytics platform CryptoQuant shared data indicating that the Bitcoin (BTC) price is near the bottom.

The CryptoQuant analyst included Bitcoin in his analysis dated August 31. The analyst examined the Bitcoin price and the Bitcoin hash price together, drawing attention to a data that gives a bottom signal.

The analyst, who stated that the hash price, which is related to Bitcoin miners, has historically fallen so much, Bitcoin is also close to the bottom points, and pointed to the possible rise that may follow:

The highlighted sections on the chart (blue boxes) indicate periods when the Hash Price fell to lower levels, and these periods coincide with times when Bitcoin prices were at or near their lowest points. Historically, these periods of low Hash Price have coincided with Bitcoin price lows, suggesting that the current low Hash Price may also indicate that the Bitcoin price is near the bottom.

According to CoinGecko data, Bitcoin, which has increased by 0.1% in the last 24 hours, is traded at $59,125 at the time of writing.