While we are definitely not out of the woods yet, there has been a lot of chatter about a 'relief cycle' and I wanted to present my perspective on how such a cycle could look in the near term.
31K is a significant fib support line, breaking that would mean the next fib support of 20K. If this is the case, we can hypothesize that for us to break this mark, we could need to have a cool down from all of the sentiment. These are all hypotheticals, by the way. Regardless, such a cycle would take us to the next fib resistance, the 42K range, and we can see further downward motion from there.
Be safe out there,