what you actually find is that. the price is affected by hashrate and also blockhalving(that affect miners costs)

in 2013 when asics first came online the price went __/
when hashrate drops and cheaper to mine because less people share bigger parts of the reward the price goes down

..
yes in some expensive hobby mining scenarios of little guys they choose to switch miners off after a price dip. but for the large mining farms. they continue to mine and they affect the price.

all of which fit into the value window. the price within the value window speculates up and down between the min and max value depending on the emotion. but the value window itself(currently $30k-$70k) is set by the mining cost/cost of acquisition

cheapest mining at 4cent/kwh is $30k bottom value. and most expensive(germany/japan) at 32cent/kwh is $70k

all emotional speculation of price volatility sit within this value window