Haven't updated PSIP (Percentage of Supply in Profit for BTC) in a while—the last time I wrote about it was way back on December 10, 2025 (see citation). Back then, we estimated that if PSIP = 50% is considered the bear market bottom range, the price would roughly be around $62,000. So, has anything changed since then? Definitely! The closer we get to the calculated results, the more accurate they become. Looking back at history, we can spot an interesting detail: During the 2014-15 cycle bear market bottom, PSIP was around 40%-45%; the same goes for the 2018-19 cycle. After that, during the Black Swan event on March 12 and the 2022 bear market bottom, PSIP never dropped below 45%. From a theoretical perspective, as time goes on, low-cost "profitable chips" are either lost or held for the long term, which inevitably leads to PSIP trending higher compared to previous cycles. This is almost a guaranteed trend. Based on this, we can infer: The PSIP for this bear market bottom is very likely not going to drop below 45%! The most probable range will be either 50%-55% or 45%-50%. As of April 5, PSIP is roughly at 55%, which is already at the "upper edge" of the expected range. Given the current chip structure and turnover situation, if PSIP drops to 50%, BTC's price would roughly be around $60,000 (dynamic value). So, when BTC approaches this range, from a rational perspective, it’s no longer wise to be overly bearish.