Three pictures tell you why the bull run is not over??

Figure 1 shows Bitcoin reaching a peak of around $20,000 in 2017, only to be halved to around $10,000 within a month.
Figure 2 is the top of Bitcoin near $69,000 in 2021, and it fell directly to near $40,000 within a month.
By looking at the two main selling waves, Bitcoin has dropped by at least 40% in the month after reaching its peak.
Figure 3 represents the current market trend. Bitcoin's surge to 109588 and then falling back to the range of 90,000 to 100,000 for consolidation is a very healthy trend. If it really reaches the peak, the main force will not trade sideways at high levels for such a long time, and would have directly sold off to the range of 60,000 to 70,000.
If the Bull Market has ended, then Bitcoin has been in a high-level consolidation for two consecutive months. Is it really "doing charity"? Has the high-level consolidation for so long been for retail investors to unload their positions???
The longer the market trades sideways at high levels, the higher the cost of the market. So, if we assume the Bull Market has already ended, are the main players really foolish to act in this ungrateful scenario?
Some believe that the purpose of trading sideways at high levels is to distribute chips. First of all, the current market sentiment is low, very few retail investors are buying, and secondly, even if the market sentiment is normal, the sideways trend at high levels is not easy to stimulate the public's enthusiasm for buying. Instead, as time goes on, the chips distributed always far exceed the amount absorbed by the market. To maintain the price, the main force also needs to consume a large amount of chips.
The distribution of chips usually occurs during the consolidation phase after a sharp rise or fall, as this is when the market turnover effect is strongest. We do not know the true strength of the big players, but there is a historical case worth noting—there was once a big player of a shitcoin who, after maintaining a high price level, ultimately could not hold on and died. Without the interference of a black swan event, such consolidation does not necessarily mean that the market has peaked.
Regarding the impact of black swan events, in these situations, institutions are usually better at taking advantage of the trend than retail investors. The probability of a black swan event is very low, around 0.1%. Therefore, from this perspective, the current sideways trend indicates that Bitcoin is far from reaching its peak, and the bull run is not over.