![Is Bitcoin Headed for $54K? Here’s What Experts Say](https://cryptotale.org/wp-content/uploads/2024/05/CT_Jonathan_02-May-2024_3065.jpg)
Bitcoin’s recent price movements have left many investors on edge, with the futures market offering some insights but not yet signaling a definitive capitulation. Despite the breach of the crucial $59,000 support level, the liquidation of long positions amounted to approximately $120 million, a notable figure but not as substantial as previous occurrences.
As highlighted by CryptoQuant, a top analytic firm, this relatively modest liquidation, coupled with the absence of pronounced negative funding ratios, suggests that a full-blown capitulation in the futures market may still be on the horizon.
![](https://cryptotale.org/wp-content/uploads/2024/05/CT_Jonathan_02-May-2024_3065-1.png)
Moreover, the Funding Ratio indicator has intermittently displayed negative ratios on an hourly basis, but these values have not been sufficiently drastic to indicate a widespread rush to short positions. Historically, significant market bottoms have been characterized by extensive liquidation in the futures market and a surge in shorting activity. However, the current landscape falls short of these criteria, indicating that the market may not have experienced a true capitulation event yet, potentially paving the way for further downside.
A closer look at the shorter-term Bitcoin chart reveals a shift in key support and resistance levels, further accentuating the uncertainty in the market. As noted by Peter Schiff, a Chief Economist & Global Strategist, previously established support at $60,000 has now transformed into a formidable resistance barrier.Additionally, the chart pattern suggests the formation of a short-term head-and-shoulders top.
The head is positioned just shy of $60,000, while the shoulders hover around $58,500, with the neckline positioned slightly below $57,000. Should this pattern materialize, the downside target could extend to $54,000.
![](https://cryptotale.org/wp-content/uploads/2024/05/CT_Jonathan_02-May-2024_3065-2.png)
At press time, Bitcoin is trading at $57,628.63, exhibiting a marginal increase of 0.39% over the past 24 hours. However, the trading volume remains robust at $44,554,108,252, indicating ongoing market activity and interest.