I think that the first option seems likely to me.

Bitcoin has been under $10k for a few days now and the $10k support seems very far away at this point.

Really depends on whether $9k decides to hold up or not. If it doesn't then prepare for a bear market and panic dumping people. Similar to January, but definitely not going to be down to $6000. Most likely the minimum we'll see during this bearish market will be around $7.5-8k.

Or we could consolidate at $9k or so and then make our way up to 5 figures again. Which I think has almost an even chance of happening.