Here’s why that’s good news

Bitcoin's hash value, the metric miner's earnings per terabyte or computing power, has fallen to its lowest level ever. According to the latest information, this is a sign of the upcoming acceleration of bullying.

A quick tick by CryptoQuant Analyst Woominyu stated that the current level of the bitcoin hash price indicates a good buying opportunity.

Opportunity to buy

Woominyu has shared a chart that highlights the relationship between the value of bitcoin and the hash value of the network. The chart shows the periods when the hash price declines coincided with the BTC bottoms. Therefore, based on historical data, periods of low hash rate have occurred simultaneously with BTC price increases.

At the lowest level in the Hash metric, BTC price can be near or at the bottom, and historical data shows that such price movements precede significant rallies.

At the time of writing, the leading crypto asset was in the red after falling from $61,000 to $59,400 in the last 24 hours. Bitcoin has fallen more than 8 percent from the $64,700 level in the past seven days. Woominyu's analysis suggests that BTC could skyrocket in the coming weeks, driven by macroeconomic events.

A recent BTC Rally?

Two weeks ago, CryptoPotato reported that the Bitcoin hash price had dropped to $0.038 per TH/s from a record low of $0.05 per TH/s since it was halved in April. The decline coincided with an increase in mining capital and bitcoin hash rate.

A higher Bitcoin hash rate indicates a more difficult situation for miners because producing blocks becomes more complex and competitive, requiring more computing power.

During that time, mining flows increased as smaller entities sold off some of their holdings and reduced their reserves to stay afloat. Unfortunately, this set of market participants suffered huge losses in their sales as BTC fell to $49,000 amid the macroeconomic crisis caused by the collapse of the Japanese Yen.

Interestingly, historical data indicates that mining events and high mining flows are seen near BTC price bottoms during bull markets. This crypto market applauds Woominyu's prediction that Bitcoin may soon witness a rally.