Crypto investor and enthusiast Lark Davis recently tweeted his concerns about the downfall in the price of bitcoin on crypto exchanges.
At this point in time, he thinks it’s an opportunity for investors to invest in Bitcoin.
And he asks retail investors, whales, and institutions to keep buying bitcoin at this point in time.
The amount of #bitcoin on exchanges just keeps falling!
Retail keeps buying.
Whales keep buying.
Institutions keep buying.
I keep buying. pic.twitter.com/tg4JkJz06B
— Lark Davis (@TheCryptoLark) May 4, 2022
Bitcoin Price Analysis
It has been 26 days since Bitcoin (BTC) last broke out of its downward channel. Fear of owning risky assets following the US Federal Reserve’s commitment to decrease its $9 trillion balance sheet is making investors uneasy.
Inflation has been on the rise across the globe, but retail sales in the UK declined 1.4% in March, signaling the beginning of an economic slump.
In addition, Japan’s industrial output fell by 1.7% in March, according to the latest data. Last but not least, GDP in the United States decreased by 1.4 percent in the first quarter of this year.
Because of this bleak macroeconomic outlook, Bitcoin has been on a downward trend since April.