Is a bull run even possible with the current economic forecast?

With the recent news regarding inflation, the FED likely to raise rates more than we expected and more analysts now saying a recession seems to be the only outcome, is a large sustained rally even possible any time in the not-so-distant future? If so, what would be the possible driving forces behind it? After the Federal Reserve’s inflation gauge came in much higher than expected, I did what I told myself I would not do and cashed out while still in the green. I've decided to wait, hoping prices continue to drop and get back in. I'm sure I'll end up kicking myself in the ass for it within a few days... and I'm sure many of you hope the same. Everything just looks very bleak.

Edit: Thank you for all of your answers. Also curious about your opinions regarding the predicted influx of Chinese money to the crypto market in June.