What will usher in the new bull run?

It’s no secret bitcoiners are bullish on the long term price trajectory of bitcoin, but at the moment it’s not performing too well as a result of monetary policy, and looming recession. At some point I’m certain Bitcoin will return to all time highs and go way beyond that, but how and when that happens is anyones guess. My theoretical question to you is what set of circumstances do you see happening that may act as a catalyst and when do you think this could happen. For example I think two events could act as a catalyst to start a new bull run, those being Spot ETF approval, or a fed policy pivot. I think these events could shift things to a positive momentum situation. Please share your thoughts. Again this is theoretical so there is no right or wrong answer!