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What happens before a crypto bull run? Key sign seen in past cycles

Investors in the cryptocurrency market are closely watching for the start of the next bull run, a multi-month to multi-year uptrend in digital assets. The Crypto Basic cited Bitcoin halving, accumulation by long-term holders, rising on-chain activity and institutional inflows as key signals, but said current conditions make it hard to confirm a new upcycle. It pointed to a downtrend since an October 2025 peak and weak sentiment, while noting mixed institutional and holder indicators.