Exacly what is the Reason bull run have not started yet?
There is allready good things happening Bakkt, Binance, bitmex large volumes and so...
Still that all its not enough?
No one really have an answer for the reasons why the bull run of Bitcoin hasn't started yet. The nature of the bitcoin market and ecosystem makes it difficult to know and predict when the bull run will begin. You just have to keep your eyes on the market and observe the patterns of the rate the market value of Bitcoin changes. That can help you know to invest and make some reasonable profit.
The reason should not be far from us because, high in demand will surely bring Bitcoin to a bull run. We haven't seen new investors coming into the industry to invest rather, we are seeing those who are scared to invest into projects. Their fears came from the scam projects which have been more rapid among some bag eggs in the industry.
Basically the bull run will come when there is a high demand for Bitcoin and other cryptocurrency in general, till then, let wait for the season.