my speculation is that the price of many currencies can achieve multiples of themselves without necessarily entering a full bull phase. The real bull phase is extremely short and generally occurs once price breaches all time high. The increase as measured from the bottom is typically over ten times for major cryptocurrencies. Prices could theoretically make another 30--60% decrease if they reach valuations we experienced earlier in 2020 and 2021. this doesn't imply a new low (see covid crash)