According to on-chain analytics firm Glassnode, Bitcoin (BTC) is expected to end 2023 on a positive note, just as it started. In their latest newsletter, Glassnode researchers stated that the past week has laid the foundation for a potential BTC price uptrend. Bitcoin surpassed various key resistance levels, including moving averages, and reached $35,200 this week. The profitability of different investor cohorts has improved significantly, with the cost basis of speculators and market newcomers now around $28,000. Glassnode also highlighted the short-term holder market-value-to-realized-value (STH-MVRV) ratio, which indicates the profitability of STH coins. The recent correction found considerable support, indicating a potential rally. Despite facing profitability issues, long-term holders (LTHs) now own over three-quarters of the available BTC supply, with a lower cost basis. Glassnode remains optimistic about the year-end performance of Bitcoin and suggests that it has set the foundation for a resumption of the uptrend in 2023.