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sub boldify
{
...
    }
    return join '', @parts;
}

my $test_data = <<INPUT;
This is **bold**, but ``this is **not** bold``
...
INPUT

print boldify($test_data);

This is <b>bold<\b>, but this is **not** bold
This is **not** bold, but this is <b>bold<\b>, and this is **not** bol
+d
This sure is <b>bold<\b> and so is <b>this<\b>, but **this** aint