The bulk fermentation stage is the first rise the dough goes through as the yeast feeds on the available food. This develops flavor and continues building strength and structure in the dough.
The length of the bulk fermentation stage will vary widely, based on how much yeast is in the recipe, whether you used active dry or instant yeast, and how warm or cool your room temperature is.
Dough can move from the bulk fermentation phase into shaping once it is full of air and at least double in size. Some recipes may call for you to “punch” the air out of the dough and let it continue rising for a second time before shaping. This is still part of the bulk fermentation stage.