• Analysts are optimistic about Bitcoin as the network’s hashrate reaches a new all-time high. 
• On-chain data also confirms whale accumulation between $16.5k and $18.2k. 

Several metrics in the Bitcoin (BTC) space are showing indications that the pioneer cryptocurrency has found a price bottom.

One such indicator is highlighted by Dylan LeClair, the senior analyst at digital asset fund management firm UTXO Management. In a tweet, LeClair notes that Bitcoin hashrate is currently at an all-time high (ATH).

Bitcoin hashrate, which is a key Bitcoin network security metric, reached a 14-day moving average of 270 exahashes/second (EH/s) per the on-chain data. He also points out that the hashrate ATH has coincided with a reduction in the number of coins sold by miners. Based on this he tells his over 289,000 followers that miners look to be running out of inventory to dump.

Hash rate moving averages for a different perspective.

Miners look to be running out of inventory to dump. pic.twitter.com/FA7Srkiuuk

— Dylan LeClair 🟠 (@DylanLeClair_) January 11, 2023

Another optimistic sign is whale accumulation noted by the crypto market intelligence platform Glassnode. According to Glassnode, on-chain data shows that as BTC rose to $18.2k, over 13 percent of the circulating supply returned to profit.

The platform explains that this sharp spike in in-profit BTC holders confirms that a…