As of 2023, the bull and bear market cycles in the cryptocurrency market are typically driven by a variety of complex factors, including technological developments, macroeconomic environment, regulatory policies, market sentiment, and more. If we assume that the anticipated bull market has not emerged by 2025, it may involve the following potential reasons and analyses:

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**1. Constraints of the Macroeconomic Environment**

- **Interest Rates and Liquidity**: If the global economy is still in a high interest rate cycle by 2025 (for example, if the Federal Reserve maintains a tight policy to curb inflation), market liquidity may remain tight. Cryptocurrencies, as high-risk assets, typically rely on a loose monetary environment to drive capital inflows; if liquidity is insufficient, the bull market may be delayed.

- **Risk of Economic Recession**: If the global economy falls into recession, investors may tend to favor safe-haven assets (such as gold and government bonds) over more volatile assets like cryptocurrencies, leading to an overall market downturn.