Bitcoin's Bull Run: A Month of Corrections, But Not Over Yet

Bitcoin (BTC) has been in a month-long local downtrend, with its price steadily declining from the all-time high of $109,000 to a low of $91,400. Market sentiment has shifted from extreme greed to fear, as indicated by the Fear and Greed Index, which has dropped from 84 to 44. Despite the recent correction, some analysts believe that Bitcoin's bull run is not over yet, and the current price movement is merely a necessary correction for the overall bull market.

The short-term chart for the BTC price shows an ongoing downtrend, but the price has recently hit the deepest Fibonacci level at 0.786 before bouncing back up. The price has started to move upwards from the descending trendline and the 0.618 Fibonacci level. If the price can break above $98,800, another local higher high will have been made.

USDT Dominance, a chart that indicates the health of the crypto market, has been decreasing, suggesting that stablecoins are being spent on crypto, primarily Bitcoin. A series of bear flags have brought the dominance lower, forming a strong resistance level at 5.35% and an equally strong support level at 3.8%. If the latest bear flag plays out, the horizontal support would be broken, leading to an increase in price for Bitcoin.

In conclusion, while Bitcoin has experienced a month-long local downtrend and a shift in market sentiment, some analysts believe that the bull run is not over yet. The recent price movement may be a necessary correction, and the short-term chart indicates a potential local bottom. USDT Dominance also suggests a potential price increase for Bitcoin. As always, investors should exercise caution and conduct thorough research before making any investment decisions.