I've been just staring at the chart all day in disbelief. It's like the little energizer bunny that just keeps going and going. Then I remembered a thing I used to do to try to get a lead on social mood surrounding a particular asset or asset class, and went to the Google Trends page to see if bitcoin was trending on the searches. Guess which one it was? It was number one!
Little aside, I'm also about 15-20 minutes drive away from one of the fires in the second most searched thing on Google today. But what this tells me is that the interest in BTC is increasing rather than slowing down. I used to use this as a leading indicator when trading stocks. Now I don't know what to do. This is unprecedented. I've never seen anything that I've traded so much as make the trending top 10, let alone the top most search item. Normally I would take profits and buy back in when it corrects, but with this level of interest where it's number one trending on Google searches, it seems like it might just continue on this maniacal tear upwards to the moon.
This chart can give a little insight into what we've seen in Bitcoin's price. On November 29th, there was a huge spike in interest when it was at just under $10k, followed by our run all the way almost to $20k on some exchanges today. The searches died down after that, but as you can see in the chart, the trend is still making a resumption of continued increased interest compared to the time before that, and it's still the number one topic on people's minds today. So even if we see a pullback in price, if this insane amount of interest is any indicator of where the price is heading, it's looking bullish.
So what are your thoughts? Are you buying, hodling, taking profits or trading the volatility?
Disclaimer: None of this should be considered investment advice. I'm just some guy having fun on the internet. Do your own research or consult an investment adviser before making any investment decisions.