A true "bull run" is always a gold rush. Breakthrough solutions are created, new "unicorns" are emerging, and many new projects are launched. Then comes the "bear market".
A bear market is a decline in asset prices of 20% or more, resulting from a pessimistically oriented market and the survival of the most viable projects.
So we can consider the sectors that may be homes for a "bull run".
1.Halving
2.Bitcoin ETFs
3.Rise in the Federal Reserve's interest rates.