The Bitcoin (CRYPTO: BTC) bears are out in force. With the digital currency trading around $16,900, fears of more FTX contagion, recession, inflation, and China geopolitical risk could push it down past $15,000. Understandably, even the most die-hard buy-the-dip Bitcoin investors are getting concerned right now.

Right now, $16,900 represents a significant retreat from a previous support level of $20,000 that Bitcoin maintained over the summer. So far, so good. As long as you're buying it now, you're still buying the dip. But now comes the big moment of truth: Do you buy if it drops below $15,000?

Until the FTX market contagion, $15,500 was supposed to be the worst-case scenario for Bitcoin. But then came FTX, and now there's a new worst-case scenario: $6,000. This would represent a huge 65% decline from current levels, and would inevitably bring out more Bitcoin bears. It would also lead to a final mass surrender and run to the exits from its investors, or a total market capitulation.

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Source Fool.com