🚨Although I don't want to admit it, we are still some time away from a deep bear market—

It depends on how the market trend develops now. The profit supply percentage is a relatively accurate indicator!
It measures the share of circulating supply $BTC that is in an unrealized profit state.
Glassnode data shows that since early February, this indicator has fallen below its -1 standard deviation threshold near 60%, currently around 57%.
To use an analogy, this level closely matches May 2022 and November 2018, indicating an early stage of a deep bear market.
This suggests that the current consolidation you see may not be a sign of recovery and upward movement, but rather a continuation of the mid-term bear market.