It might be and it's also possible that the bear hasn't arrived yet. The dump that we've seen was just a natural correction. Because bearish season is totally hurting and price that it pulls for bitcoin is too low. Right now, it's still testing to go above $45k.
The sooner that it reaches to $45k, it's more worrying because it won't increase continuously. Like what it is showing right now, there's a slight delay and small correction.