For a bear market to happen, it would take a lot more than just -42% over a period of 2 months. We've seen as much as -41% being wiped off the market in 2017 in a matter of weeks, yet the bull run kept continuing for months. It is not unrealistic to expect the same thing could happen now in 2022.

Comparing the May correction to the current one

https://preview.redd.it/5ks3gv1qtsc81.jpg?1247&format=pjpg&auto=webp&s=0fbf56939bbe923c429c47518b6f608fe18a7ebb

Bitcoin has also hit a pretty significant support level and is refusing to go below it. This is the same support level that Bitcoin held in late September before hitting a new all-time high.

The bearish price action we're seeing is still nothing compared to what happened from May - July. In June/July almost everyone was calling for a bear market, but Bitcoin still recovered within a few months.

Hash rate shows market is undervalued rather than overvalued

https://preview.redd.it/q3oxrse2ysc81.png?1273&format=png&auto=webp&s=f764e0eea23cb0b849bbe263a3456f9ec3d57033

Moreover, a bear market usually comes when the entire market is overvalued, which seems far from the truth considering Bitcoin hit a new hash rate high. If Bitcoin was overvalued, hash rates reaching new highs would be completely irrational as Bitcoin is not cheap to mine.

TLDR: There is still hope in the market because there's still a high likelihood of the market bouncing back like it did in July and September. A -42% loss over a 2 month period is more of a correction than a bear market, and the metrics also show only one thing, and that is we are still far from a bear market.