One big factor why even if we aren't near the all time high and still the hash rate is up is because of the low network fees we have. Way back 2017 when the network fees are unbelievably you will see that the hash rates started to fall down. Now that we mitigated that cost for the miners this made Bitcoin mining much more appealing for them even if we are just at the 10,000$ level. The hash rate will still go up as soon as the prices starts to go back up again and I believe it will with a lot of new miners entering the market as well as the old ones resuming their operations again we won't have to worry about losing any hash rate any time soon.