The plunge in Bitcoin price has raised the possibility of BTC falling to $54,000.

The price of Bitcoin (BTC) fell more than $2,000 in an hour on May 10 as a sudden wave of volatility threw quiet markets into disarray.

Data from Cointelegraph Markets Pro and TradingView showed that the BTC price suddenly fell from a high of $63,494 on May 10 to an intraday low of $60,308, putting leveraged long traders offside.

As of this writing, losses are still mounting, with the flagship cryptocurrency losing more than 2.5% of its value in the last 24 hours.

“The final accumulation is happening,” said Michaël van de Poppe, founder of MN Capital. react Bitcoin’s brief period following the halving has become a familiar event.

Van de Poppe explained that this includes the “low volatility” and choppy price action that BTC has exhibited since February 29, with the recent selloff taking Bitcoin “back into critical support areas.”

“Aren’t you holding it? “Then we’re looking at $52 to $55,000, which will be the final stage of the adjustment.”

Meanwhile, popular trader Daan Crypto Trades said BTC’s plunge to $60,000 on May 9 was “a quick move to punish the buying that surged above $63,000.”

However, bets on a sustained BTC recovery above $64,000 suffered heavy losses on Friday, May 10, according to data from Coinglass. This is because $127 million worth of long positions were liquidated due to the recession, wiping out a total of $175.17 million in 24 hours.

The recent decline resulted in the liquidation of $9 million in BTC leveraged positions in the last hour alone, of which $6.36 million were long positions.