Bitcoin analyst PlanB said the cryptocurrency has passed its cyclical bottom, citing a 72% share of supply in profit, up from 50% earlier this year, and a monthly RSI increase from 41 to 51. He also pointed to Bitcoin’s 200-week moving average at $65,000 and five-month short-term holder realized price at $72,000. Bitfinex separately estimated supply in profit at about 70% and said its distribution resembled an early-cycle recovery. The view comes as Bitcoin trades around $65,000 after recovering significantly from its 2022 lows. Spot Bitcoin ETFs, institutional inflows and anticipation of the next halving have supported the broader recovery, though high interest rates, regulatory uncertainty and the lagging nature of the indicators leave downside risks.