This is an idea of mine that I had a few days ago when over 10k BTC were margin shorted at $7300. I noticed that a similar occurrence happened around the 26th of January when BTC was at 11k and this was one of the main reasons I shorted heavily between $7300 and $7400.
A huge amount of Bitcoin was shorted at the end of January right before it suddenly dropped to 6k within 11 days.
If a similar scenario plays out now, we could be seeing much more blood to come and I will remain bearish until I see at least a large amount of those shorts have closed.