Analysts at the crypto data provider Glassnode indicate that after bitcoin continuously breaks historical highs, it has now entered a new price discovery phase, with almost all circulating bitcoin supply in profit. Bitcoin reached a record high of $93,265.24 per coin early Thursday, representing an increase of over 110% year-to-date. Historically, such upward phases last an average of about 22 days before a significant correction occurs, during which approximately 5% of the circulating bitcoin price may be driven below the original purchase price. Currently, the circulating supply of bitcoin has maintained high profit levels for about 12 consecutive days, indicating that there may still be running space for bitcoin's upward trend, but if history repeats itself, this cryptocurrency may face a significant correction in the coming days.