1) 54K    2) 48K (31st dec)   3) 40-45K 

1-54K-2-48K-31st-dec-3-40-45K

1) Facts: More leverage than we've ever had a chance to witness.
+ Open interest going up (more volumes).
+ Negative Spreads signaling shorts > longs (BTC price derivates - spot)
= more shorts liquidations

2) Impact:
Market can decide to head north to liquidate the shorts, most probably up to 54K.
Then it would head south to liquidate the longs, down to 40K.  
It would make sense that the market liquidates the shorts first (short squeeze).
I first thought it would go the other way around but let's see.

Eventually 24B$ options expiring 12/31 with max pain price* around 48K make me think the price should follow this flow: 
=> 54K (max) > 48K > 40K/45K (bottom) . But it could also be:
=> 54K > 40/45K > 48K. Or i just could be wrong, let's see ;-)

Any case market has to liquidate the 40-44/45K longs and the 49-54K shorts: is there any other way around? I don't think so. What do you think?

Hope the screenshots help a bit.

*Max pain price generates the max losses on both bids & ask side