McCarthy came in for heavy criticism after the 3-0 mid-week loss against the Reds extended their run without a win in the Premier League to nine games.
He knows Wolves have to tighten up defensively after more glaring errors which were exploited by Kenny Dalglish's side but is refusing to press the panic button.
It could lead to a debut for on loan Tottenham defender Sebastien Bassong, who signed only minutes before the transfer window closed on Tuesday, ahead of Saturday's trip to QPR.
McCarthy said: "I thought, with 18 games to play, if we could get 21 points out of it from where we were, to take us to 38, that would be a good tally.
"That is still possible to do. Is it going to be enough? I think it will be because I think it will be a low tally that stays up.
"But they are all key games, starting with QPR on Saturday. No-one wants to be in the bottom three at anytime. The lads are hurting. But I said to them there is no panic here. We've been in this position before.
"If you start panicking, start doing something radical or different, the lads think straight away 'panic stations' but we are not into that."
McCarthy admitted: "That (against Liverpool) was as bad a performance as we've had home or away. It was dire in the second half and fans expect better that that.
"But I know fortunes can change so quickly. It happened to us last year on a number of occasions.
"We went to Bolton and it was like the end of the world and then we came here and beat Manchester United.
"I know how quickly it can turn around. That's why I don't get too down and am always full of optimism."
McCarthy is full of praise for keeper Wayne Hennessey who has been in fine form this season despite his blunder handing Liverpool their second goal.
He said: "Wayne was fabulous in the first half and has been excellent for us. We can't keep relying on Wayne Hennessey and we have to be better in front of him.
"The rest of us have to do more. There is no blame attached to Wayne. We've got to defend better with the players we have got and not look elsewhere and point fingers at who is to blame.
"We've not got any mugs in the place, we've got to do better. All we can do is crack on with it."
McCarthy admits he relishes the challenges as a manager despite the rollercoaster nature of the job.
He said: "I've got so many of my pals who wonder why I do it and ask if I could get a sensible job as a window cleaner or an insurance salesman!
"As a manager you go through the range of emotions. I've been doing it for almost 20 years now. If you don't want to want to go through it, then get out."









