There was a bull run, because without a bull run it will not be possible to record a new ATH. So, if there's no other bull run, we would not confidently say that bitcoin has failed, this is because it has given us an ATH already. What we are actually clamouring for right now, is a double ATH in one circle, which might not be possible. Although, I am optimistic that we will record a longer bull run, but it is not guaranteed.
Infact, people are beginning to regret why they didn't cash out when bitcoin hit 70+. But then, nothing is assured. I am among those who is regretting, not because of bitcoin but because my country currency was very much devalued at that time, which would have given me alot of profits.
Some significant things have happened in the crypto ecosystem, such as ETFs, stricter regulation and some big decisions by the SEC. This certainly had a significant impact on the growth of the value of cryptocurrencies.
A bull run is when the entire market records a large increase, this time it does not happen and smaller currencies did not follow the movement of Bitcoin. (The things that caused the growth were mostly reflected in Bitcoin, Ethereum...)
I'm waiting for a bullrun, (I have some altcoin mining equipment to sell), but it's not happening. Each previous one brought an increase in the price of such equipment, but this time nothing significant is happening.
I even think that the era of big bullruns is over. I do not believe that we will again see consecutive 6-month growth, and even a 3x higher price in the same period.