Bitcoin hash price history at the bottom: Will the past be repeated?

The Bitcoin hash price indicator has fallen to all-time lows in recent days. Considering the similarities in the past, this means that Bitcoin may be close to the bottom point.

The price of hash, an indicator that shows the revenue earned by miners per terahash, has fallen to its all-time lows in recent days. This value has dropped to $0.042 as of yesterday.

According to the analysis on the on-chain analysis platform CryptoQuant, the periods when the hash price bottomed up have so far corresponded to the bottoms of the Bitcoin price. With this in mind, it is estimated that the current Bitcoin price may also be close to the bottom.

In the chart below, the yellow line shows the hash price and the black line shows the Bitcoin price. The sections included in the square belong to the times when the hash price fell to the bottom level.

On the other hand, there are different measurements that are promising. Another chart shared by CryptoQuant CEO Ki Young Ju reveals that the price of Bitcoin was trending upward in the fourth quarter, especially in the years of the halving, in 2020. Ki said, “The bull rally in the last Bitcoin halving cycle started in the fourth quarter. Whales will not allow the fourth quarter to be boring with a horizontal performance on an annual basis," he said.