A system of magnetically coupled oscillators has been recently considered as a promising compact structure to integrate multiple bistable energy harvesters (BEHs), but its design is not straightforward owing to its varying potential energy pattern, which has not been understood completely yet. This study introduces the concept of phase-dependent dynamic potential in a magnetically coupled BEH system with two degrees of freedom (DOFs) to explain the underlying principle of the complicated dynamics of the system. Through theoretical simulations and analyses, two distinct dynamic regimes, called the out-of-phase and in-phase mode regimes in this report, are found to exist in the frequency regions of the 1st and 2nd primary intrawell resonances. For the out-of-phase mode regime, the frequency displacement (and output power) responses of the 2-DOF BEH system exhibit typical double-well dynamics, whereas for the in-phase mode regime, only single-well dynamics is observed though the system is statically bistable. These dynamic regimes are also revealed to be caused by the difference in the dynamic potential energy trajectories propagating on a high-dimensional potential energy surface. The present approach to the dynamics of the 2-DOF BEH system can be extended and applied to higher-DOF systems, which sheds light on compact and efficient designs of magnetically coupled BEH chain structures.