You are correct and here's why: caffeine depletes the stress hormone cortisol--low cortisol levels cause hairloss.
Usually, adrenal fatigue (low cortisol levels) is accompanied by hypothyroidism. It is generally caused by iodine deficiency.
For good info on both:
I'm glad to hear that I'm not alone in finding that caffeine can and does cause hair loss. I'm 58 and through my life I've rarely drank anything with caffeine. When I did I saw noticeable loss. I am currently working nights and was dealing with chronic fatigue. To deal with it and keep me awake I went back to Mountain Due and Coffee and suffered the consequences. I'm taking Avodart to lower my DHT level but the loss continues. Are there any substances that will counteract the caffeine? I was hoping to have my cake and eat it too. None the less I am happy to know what I've thought for decades was not just my imagination. Please spread the word but I think you'll be fighting an uphill battle. There's alot of money out there that would stand to loose millions if this was accepted knowledge.Good luck!!