Shorts are at 42,000 a record high meanwhile we are currently sitting right above the 200 Weekly MA. Sentiment is extremely low but we must keep in mind that we are long overdue for bounce and with this many short outstanding and strong support nearby; it makes for a good set-up for bulls.
As of typing we are at $3500, the next rally could easily blow past $4,000 with many shorts liquidated and I think it'll likely happen pretty soon.