In addition to the recent uptick in market sentiment, several indicators suggest that a bull market may be on the horizon. After a period of neutrality, investor sentiment has turned optimistic in the past few days, particularly noticeable in the cryptocurrency sector, with Bitcoin leading the charge.

One key indicator is Bitcoin's market dominance, which has seen a significant recovery and currently stands at $67,146.49, just 9% below its all-time high of $73,750.07. This resurgence in dominance to 55.87%, the highest in three years according to Tradingview data, marks a potential early signal of an upcoming bull market. Historical data shows that bull markets often commence when Bitcoin's dominance surpasses 56%.

Another metric, the Bitcoin MVRV Z score, compares Bitcoin's current market cap to its historical average, with a peak score around 6 signaling the peak of a market cycle. Currently, Bitcoin is halfway to this peak, a level not seen since the 2021 bull run.

The Bitcoin HODL Waves data also provides bullish insights, indicating a shift from newer to older BTC holders. As the number of new holders decreases, selling pressure diminishes, potentially setting the stage for further price gains.

The RHODL Ratio, which compares recently purchased BTC to that bought a year or two ago, shows that buyers are willing to pay higher prices compared to two years ago, suggesting market optimism and readiness for potential growth.

Furthermore, the Puell Multiple, measuring short-term miner revenue against longer-term trends, has historically peaked around 3, with the current value below 1 after declining post-Bitcoin halving. Recent increases in this metric indicate a favorable environment for a bull run, according to crypto analysts.

In conclusion, while the bull market typically delivers substantial gains, it requires significant market momentum and favorable conditions to sustain. Despite recent market struggles, investors are hopeful for a bullish rally that could potentially recover losses. Although some projections extend the timeline to mid-2025, on-chain indicators and analysts like ELI5 of TLDR hint at the possibility of an earlier bullish scenario as market conditions mature.