I’m sticking with this: We’ve most likely already seen the Bitcoin bear market low! And this chart provides me with another strong argument for that. Currently, 53.8% of Bitcoin’s supply is in profit. At one point, it was over 60%. Now we’re once again fighting to hold above the 50% mark. But take a look at what happened in previous cycles! In 2012, 2015, 2019, and 2022, after major capitulation phases, we saw these dark blue signals fall below 40%. And what happened afterward? Bitcoin recovered, rose back above the 50% mark, and never formed a new bear market low thereafter! Of course, there were further pullbacks—in 2015, prices even dipped back into the blue zone, and again during the 2020 COVID crash. But the decisive lows of each respective bear market were never broken again. And that’s precisely the key point for me! This time as well, we’ve already entered the capitulation zone and have since moved clearly above it. Does that mean Bitcoin will only go up from here? Of course not! I fully expect we may see lower prices again and possibly retest the 50% level. But what matters to me is that we form a higher low in the process. I’m now in my third full Bitcoin cycle, and I’ve learned one thing: Those who wait for confirmation often miss out on the most attractive entry prices. That’s why I used the capitulation as an opportunity to accumulate—and I’ll use any further pullbacks to do the same! While others are still waiting for the next big low, I’m already positioned.