On 15th of Sept BTC Hashrate hit another milestone and new high, what does this mean for the short term price action?

As you can see on the chart, the most common patter is an increase in price (not more than 10%) followed by a stronger sell off. Even if this current push gets closer to 29k, not making new higher high is only going to confirm that 2023 bounce from lows is over and we should expect BTC's price to explore regions below 24k in the next 3-4 weeks.

For those looking for more context please check my previous posts on BTC Hashrate serving as a solid early bearish warning indicator.

Note: Below chart is available for Pro users, but regular Hashrate chart is available to everyone.

Written by gigisulivan