The BTC hashrate reached a new milestone on September 15th, indicating potential short-term price action. Historically, this pattern has resulted in a price increase of up to 10% followed by a stronger sell-off. Even if the current push approaches 29k, not making a new higher high would confirm that the 2023 bounce from lows is over, and we should expect BTC's price to explore regions below 24k in the next 3-4 weeks.

BTC hashrate has previously served as a solid early bearish warning indicator, as detailed in previous posts. While the below chart is available for Pro users, the regular hashrate chart is accessible to all. This development highlights the importance of monitoring crypto project analysis, blockchain on-chain data analysis, and market analysis to make informed decisions in the ever-evolving crypto market.