Why is Trump the direct reason that the bullish market has not yet started?

Here are several points highlighting different perspectives on Trump's influence on the cryptocurrency market:
Views indicating negative or uncertain influence:
Protectionist policies and trade tensions: Trump's protectionist trade policies and the imposition of tariffs may lead to global economic tensions, potentially driving investors towards safer assets and reducing demand for riskier assets such as cryptocurrencies.
Market volatility: Threats of tariffs or political tensions can lead to volatility in financial markets as a whole, negatively affecting cryptocurrencies that are considered risk-sensitive assets.
Perspectives indicating a positive or potentially positive impact:
Late pro-crypto position: Trump's position has significantly shifted and become more pro-crypto. He expressed a desire for the United States to become a global hub for cryptocurrencies.
The idea of a strategic reserve: It is reported that Trump has ordered the creation of a strategic reserve for cryptocurrencies, including Bitcoin, XRP, Solana, and Cardano. This is seen as a step towards strengthening the industry.
Appointment of officials supporting cryptocurrency: Trump appointed individuals considered supporters of the cryptocurrency industry to leadership positions, such as appointing Mark Wethe as acting chairman of the Securities and Exchange Commission (SEC) and nominating Paul Atkins, which may ease regulatory pressure on companies operating in this field.
The increase of Bitcoin after its victory: In the period following its victory ( or the increased likelihood of its victory ) in the presidential elections, Bitcoin and other cryptocurrencies experienced significant gains, with Bitcoin reaching new records. This is known as the "Trump Bump" or the "Trump Effect," reflecting investor optimism regarding a favorable regulatory environment for cryptocurrencies during his administration.