How long will it last? That's the real question
The bear cycle will eventually come, but I hope we don't see anything like 2014-2015
It is very unlikely if we will ever see BTC price dropping below $600, certainly not without 'help' of some major negative news,
like another big exchange hack, really unfavorable anti-bitcoin law pushed etc. Plus, we had halving this year, it is a big factor keeping price high.
Minimal bitcoin price must gradually rise over time, we can't gravitate in $500-$700 price range for years.