Why you haven’t seen a sustained bull market yet?

1. Macro & risk sentiment remains mixed The market still reacts strongly to macroeconomic signals. Although interest rates were cut, crypto hasn’t rallied as expected — similar uncommon behavior has been discussed by analysts.

2. Technical patterns are bearish or neutral Current price structure shows consolidation and bearish signals (e.g., death crosses, below key averages). This typically dampens confident upside moves.

3. Institutional and retail flows aren’t accelerating Flows out of ETFs and cautious positioning by institutional investors reflect risk aversion, not the rush of new capital seen in bull markets.

4. Performance relative to other assets Crypto often needs broader risk-on environments to break out. When stocks or commodities outperform and macro stress rises, crypto can lag.

5. The post-cycle correction phase Many cycle analysts now believe the boom tied to the 2024 halving has already peaked, and the market is in a post-peak consolidation or correction phase rather than the start of a new rally.