Liquidations and contagion have hammered the crypto market, and Bitcoin has not been immune.Market sentiment is extremely bearish.Miners have been capitulating while on-chain holders have been "stacking sats."Fun couple of months, huh? I suppose if you're short Bitcoin (BTC-USD) then it's likely true that you've done very well in recent weeks and months. In fact, even I have been calling for lower prices in Bitcoin since May. Yes, it's true. My last Bitcoin article for Seeking Alpha laid out some pretty straight-forward levels to keep an eye on in Bitcoin's price. This is what I said in Picking Your Spots in the Carnage:The immediate price level that I see as a potential support line is $26.2k. Bitcoin was very close to kissing that line in overnight trading but buyers stepped in a little earlier. Underneath that level, I view $23.8k as the next downside target bulls may try to defend. If that level fails to hold, I think the full capitulation event below $20k is coming and probably fairly quickly. At that point, if you're a long term believer in Bitcoin, that's probably a level to make larger buys.At the time, Bitcoin was a little under $29k. While Bitcoin is hanging on to $20k as I type this, there was a very large selloff that took the coin below $18k a few weeks ago. Since then, the top crypto coin has been ranging between $19k and $21k. A break of that range seems inevitable, and I'm going to now make the argument that si...
