The report states that Bitcoin hashrate has increased by more than 19,766% in a year since its first halving event in November 28, 2012. Price soared after, gradually increasing by a staggering 8,069%. The second Bitcoin halving in July 9, 2016 showed similar results – its price (+284%) followed the hashrate (+248%)
that is wrong and ignorant of a lot of things.
for starters price from 2012-11-28 to 2013-04-08 went from $11.75 to $259.34 which is a huge rise of
2107% in the same time frame hashrate went from 29 TH/s to 61 TH/s which is a tiny rise of
110%.
this proves that hashrate grows
after price rise and at a slower speed not before it which means you can NEVER predict price by looking at hashrate since you would be looking at history.
secondly it is ignoring a very important revolution in bitcoin mining called ASICs. they were released in 2013 and by mid 2013 the hashrate rising speed changed because of them not because of price.
same exact thing for 2016 happened. the halving happened on 2016-07-09 by then price was already on the rise for 7 month from $150 to $317 which is
111% price rise. in the same time frame hashrate went from 1.2 EH/s to 1.6 EH/s which is a teeny tiny rise of
33% in comparison to price rise.
again you can see that hashrate follows price
after price rise not the other way around.