Same thing happened to me with progesterone!

Even though my doctor said he doesn't think it's likely, I KNOW the oral micronized progesterone I was taking (which made me feel amazing for a while) had started converting to estrogen after six months or so. I started having mid-cycle bleeding, and my moods were declining again, and some of the anxiety was returning, more breast pain, etc etc.. I'm 99% certain that's what was happening. Plus my bloodwork was showing slightly elevated estrogen in relation to progesterone, which I think speaks for itself.