The Bitcoin (BTC) hashrate reached a new milestone on September 15, indicating a potential short-term price action. Historically, an increase in hashrate has been followed by 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.

The BTC hashrate serves as a solid early bearish warning indicator, as detailed in previous posts by the author. While the below chart is available for Pro users, the regular hashrate chart is accessible to everyone. The optimistic outlook on the market remains, despite the potential short-term fluctuations.