Bitcoin Hashrate Still Growing Despite The Lower Price - Is This A Bullish Sign?

Bitcoin mining becomes less profitable when the price goes down, but despite the bear market the hash rate behind bitcoin is skyrocketing. Nine exahash, more than two times the total BCH hash rate was added to BTC in the last month while the hash rate on BCH remained steady. Many see this as a bullish sign and think that it will push the price up. It this assumption true?