The next bullrun probably won't come until 2024 at the earliest. Look at the last bull run, it was in 2017, the next one was in 2021. Perhaps there is a pattern to this. Also, the U.S. Fed intends to keep inflation in check until 2023 (roughly), which is also a disincentive to large-scale growth because there is no proper liquidity provision. It is possible that a completely new scenario with unique timeframes awaits us, but I still prefer to prepare for the worst, so there will be less disappointment from unfulfilled hopes and more preparation for long-term drawdowns.