CryptoQuant analyst Woominkyu's latest analysis report points out that there is a close correlation between the bitcoin hash price and the bitcoin price, and the current depressed hash price may suggest that the bitcoin price is approaching a bottom. Woominkyu explains that the price of hashrate reflects the profitability of miners. He shows through the chart that when the price of hashrate has fallen to a low level in history (marked by the blue box in the graph), it has often corresponded to the period when the price of bitcoin was at or near its lowest point. This historical pattern shows that the trough of hashrate price often coincides with the moment when the price of bitcoin bottomed.