Recently I read a news and saw that "Bitcoin Hashrate hits a NEW ALL-TIME HIGH" and later I was very surprised after searching various websites because it has a connection with the price of Bitcoin.
Blue line: BTC price Orange line: BTC hashrate
If you look at the price of Bitcoin and hashrate from 2020 to 2021, both the hashrate and the price have increased rapidly. Again, in 2022, even though the price fell, the hashrate remained stable or increased slightly - meaning that the miners still had confidence. In 2023-2024, the hashrate is increasing again, and the price is also increasing. This chart proves that the increase in hashrate often occurs before the price increases, meaning that this can be a bullish forecast. I would like to know the opinions of natives regarding my observation.
