i agree with you for not calling it a bull-phase , it's simply accumulation phase which is in TA refereed to as sideways market.
![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fcdn-images-1.medium.com%2Fmax%2F800%2F1%2AHntoPhstONeK4PvTlrptaA.jpeg&t=665&c=0S7RbTNFGeNX9w)
this phase of the market includes capitulation, anger and depression.
holders and owner of the market start to submit their shares to others with stronger hands, the strong hands keep the buying volume low , they don't make much noise while buying those assets , this usually last for months.
in this phase, volume is usually very low , price does not move much , news don't talk much about that particular asset and the majority of people seem to not care about it anymore.
when all those points are met, price starts moving into a new bull cycle, the first rally is referred to as "disbelief", and then the whole cycle repeats it self again and again.
i made a chart comparing the last cycle of 2014-2015 , it's like a mirror image of what's happening now >
https://bitcointalk.org/index.php?topic=5105680.0the 2011 accumulation phase does not look much different either.
and I do think that we are now are in this phase or simply just so close.