BTC will create a Bullish market, one of the factors that can make BTC create Bullish is institutional investors.
While some "institutional investors" have a bigger appetite for risk and they may already have Bitcoin, some are more conservative.
The conservative ones may wait for more regulations or may wait to see the price on uptrend again.
So Bitcoin is still bearish while waiting for investors; the investors may come in only after Bitcoin has turned bullish; it sounds like a possible deadlock to me.