Bitcoin has officially entered the Bottom Discovery phase, marking a significant shift in its market cycle. Currently, only 11.1 million BTC are in profit, a sharp decline from the 19.8 million BTC at last year's peak. This represents a 40% reduction in profitable supply, with 8.7 million BTC now underwater, the steepest profit compression in Bitcoin's history. Historically, this phase signals a transition from market correction to a potential cycle reset, though it is often prolonged. In previous cycles, such as in 2018, this phase lasted up to eight months, characterized by heightened fear, broken patience, and shifting narratives. While the risk/reward dynamics may quietly change, the outcome remains uncertain, challenging investors' resolve.