**[55 Years of Data Reveal the Path of a Gold Bull Market: Historical Pullbacks Reoccur, Structural Support Remains]** BlockBeats News, February 4: Gold experienced a sharp rebound after last week's nearly 10% plunge, sparking market discussions on whether the bull market has ended. Analysts believe this decline is more likely a phase correction within the bull market rather than a trend reversal. Institutions point out that gold is currently in its third major bull market since 1971. Historically, during the two previous gold bull markets from 1971–1980 and 2001–2011, there were multiple deep pullbacks of 10%–20%, but these did not alter the long-term upward trend. The current bull market has also undergone several adjustments, with volatility consistently present. What sets this cycle apart is the sustained and large-scale gold purchasing by central banks, providing stronger structural support. Data shows that global central banks' net gold purchases reached 328 tons in 2025. Several institutions believe that although gold prices are relatively high compared to model valuations, they have not yet formed a bubble. UBS stated that gold bull markets typically only end when central banks reestablish strong credibility and there is a fundamental shift in monetary policy frameworks. Against the backdrop of doubts about the Federal Reserve's independence, ongoing geopolitical tensions, and debt pressures, gold remains in the mid-to-late stages of this bull market. Sharp corrections may be viewed by the market as opportunities for allocation.