Estimate:Mid
Explanation:There could be more than 32 instructions in each iteration of the outer loop, depending on when the key is found.
For the inner loop, the dependency depth is 7:

1. Computing the address of tree[index].
2. Loading a value from tree[index].
3. Checking id key > tree[index].
4. Adding the result of (3) to (index*2) + 1.
5. Computing the address of tree[index].
6. Loading the value from tree[index].
7. Checking if key matches tree[index].