There may be many answers to this question under what conditions can there be a Bull Market, but the core of a real Bull Market lies in change and retail participation!

Some people may think that BTC Halving every 4 years will be a Bull Market, or that it is easy to start a Bull Market with every global monetary easing!
1. Every 4 years Halving just drop inflation! Not deflation, but the speed of digging is slower!
2. Under the monetary easing policy, BTC and other assets are not the main market to undertake funds, the traditional financial market is more capable of undertaking, and the Crypto Community only eats a small part of the overflow funds
Why is change and retail engagement at the heart of the start of a Bull Market?
1. Every Bull Market in the Crypto Community has a new narrative, such as the emergence of smart contracts, the emergence of defi, the popularization of Non-fungible Tokens and memes, etc. These changes carry the dream of the Crypto Community for everyone, and also attract the wealth effect!
2. Retail investor participation: I think this is the most important! The Bull Market initiation radiation must be the entire Crypto Community, and this participation must be widespread to a large part of the population, such as more than 15%. And this kind of play should last at least 3 months! Then it is relatively easy to start a bull market! This core is: retail participation should be high
I think this year's inscription track has this kind of conditions, whether it is brc20 or other public chain inscriptions, many retail investors can directly participate in mint and build a community, which is the embodiment of participation. Representatives are: Ordi Sats, Rats, ETHS, etc.!
Although the inscription track has been sluggish recently, we can imagine that the follow-up inscription-based supporting solutions, infrastructure, and attachment ecology will bloom! The competition of public chain inscriptions may become the main battlefield of this Bull Market! For example, the FANS, the leader of the FTM public chain inscriptions, will be well performed! The future Market Cap is also immeasurable! With the Market CapAlgorithm of 10% of the leading effect, then the Market Cap space of FANS inscriptions should have more than 100× of space! Be sure to choose a good community, that's the key!
Well, thanks for reading!