Agree.  Bull markets are characterized by increased interest in bitcoin, stocks, whatever, and an increase in buying.  In the stock market there are times when companies buy back their own stock, which decreases the amount that's floating on the stock market.  This usually has the effect of boosting the company's earnings per share and the stock price might increase because of that, but it doesn't mean there's a bull market forming in that stock.

The same principle applies to situations like xlm.  They can burn half of the coins, but if people aren't interested in buying whatever remains, not much is going to happen price wise.  You might think that such a decrease in supply would spark something, but it *might* not.  It isn't a given.