Bitcoin is currently trading near $87,000, positioning above several critical realized price indicators including the overall realized price at $53,000, the 155-day realized price at $72,000, and the two-year realized price at $86,000. Analyst PlanB states that the probability of Bitcoin falling below $53,000 again this cycle is relatively low, noting that historical bear market patterns requiring a retest of realized price no longer hold clear technical support. PlanB characterizes the anticipated 2025-2026 market phase as a normal but historically mild bull-to-bear transition. He expects Bitcoin to achieve new highs within the current 2024-2028 halving cycle despite potential transitional volatility.