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Analysts say Bitcoin (BTC) prices could be due for a larger correction or a period of consolidation. Two factors that could trigger a deeper decline include increased whale activity and short-term resistance.

Watch out for Bitcoin whales

As reported, Bitcoin plummeted after rising above $19,400 on major exchanges. It briefly fell below $16,400 before recovering slightly. But analysts predict that Bitcoin may continue to fall, especially if it cannot rebound strongly in the short term.

Two key trends have led to Bitcoin’s recent pullback. First, whales began selling Bitcoin at around $19,000, causing downside volatility to spike. Second, relatively small price drops triggered a cascade of liquidations in overleveraged futures markets.

Average Bitcoin inflow across all exchanges Source: CryptoQuant

Ki Young, CEO of CryptoQuant
Ju said there may be more corrections for Bitcoin in the short term. For example, the All Exchange Inflow Average indicator is still hovering high, indicating that there is still a lot of selling pressure in the market. He said:

“Bitcoin is likely to see more corrections. Bitcoin inflow averages across all exchanges remain high. I believe we will face a correction/sideways movement this week that will lead to a breakout of $20,000 by December of this year.”

The timing of the whale sell-off is noteworthy as it occurred after Bitcoin rejected a key resistance area. An anonymous trader named "CryptoKea" has discussed Mayer since early November
The resistance level of the multiple price range.

The trader said that if history is strikingly similar, Bitcoin could be in for a bigger correction. Such a trend is still consistent with previous bull cycles, when Bitcoin fell by 30%-40% and then continued to rise. The trader said:

“The top of a bullish channel does an excellent job of acting as short-term resistance, just as it has in the current phase of previous bull markets. What has happened in history? History never repeats itself, but it is always strikingly similar. This is the 200-day moving average At this stage, Bitcoin price found support after being rejected from the top of the bullish channel, which is currently at $11,200, adding about $40 per day.”

In the short term, key support for Bitcoin lies at $16,000. Below that, the next major support areas to watch are $14,000 and $13,500.

Golden Ratio Multiplier Determines Key Support Levels

Philip Swift, creator of Lookintobitcoin.com, said that the Golden Ratio Multiplier indicator is showing rejection of the 350-DMA (350-day moving average) resistance.

Golden Ratio Multiplier Source: Philip Swift

The Golden Ratio Multiplier identifies $16,000 and $13,000 as key support levels, similar to the Mayer Multiple. Swift said: “350dma x
2 firmly rejected the $16,000 price yesterday, when CT seemed convinced we would move up quickly. This indicator plays an important role in this menstrual cycle. "

According to these two indicators, if Bitcoin rebounds and consolidates above $16,000, a move up to the next resistance area is possible. Otherwise, Bitcoin risks testing the $13,000-$14,000 support level.