Analysts at crypto data provider Glassnode have said that after continuously breaking through all-time highs, bitcoin has now entered a new phase of price discovery, with almost all of the bitcoin circulating supply in profit. Bitcoin hit a record high of $93265.24 per coin in the early hours of Thursday, and has gained more than 110% so far this year. Historically, such upward phases have lasted on average about 22 days, before a major pullback, when about 5% of the bitcoin circulating price could be pushed down below the original acquisition price. The current bitcoin circulating supply has remained at high profit levels for about 12 consecutive days, which means that bitcoin's rally may still have room to run, but if history repeats itself, the cryptocurrency could face a major pullback in the coming days.