Can you put a relationship "on hold"?

Friends since childhood, separated in different cities because of college. We admitted our feelings but never talked about our... Future?
There s always this lingering or... more like... regret feeling when we meet and stumble upon the subject relationships & us... The feeling that if we would be in the same city, things would've been different.
Neither of us has dated someone since we confessed and the flirt goes back and forth.

In this situation... Can a relationship be put "on hold" until the two people are in the same city? Or they should both go in their own ways/look for someone else?
Can you put a relationship "on hold"?
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