With Bitcoin skying it as of late, my feed has been rife with predictions as to where price might go next. Whilst most of them are still as divided in opinion as they were before the slingshot began, one little nugget of a headline caught my eye. It was concerning Google Trends and the amount of active searches involving BTC. Apparently, with the price comfortably sitting over $10,000, it was still not enough to capture much attention outside of the crypto space. At first, I was pretty disheartened at hearing this. At first...
I recall back in 2017 when Bitcoin was breaking all-time highs almost on a daily basis. Everyone and anyone was talking about it. When to invest? How to invest? Hell, your average Joe was even attempting to figure out what a crypto wallet was? Taxi drivers, doctors, lawyers, you name it. All wanted a piece of the action. And you bet that when a market asset gains that much euphoria in such a short amount of time, a huge sell-off ain't far off. And well, that concept seemed to have worked out pretty nicely, didn't it?
So I believe the fact that we've had a somewhat muted reaction to climbing above $10,000 is one of the best indicators yet of a healthy market for Bitcoin. I mean, this ain't exactly new ground we're covering here in terms of historical value. Bitcoin has made it to double where we are now. "This ain't anything special.", appears to be the overall market mentality. Although once we recapture the highs a second time, the next phase of euphoria will kick in. Oh yeah, I'm under no false pretenses. Another crypto bubble will balloon out and pop again, but this time when it's way WAY higher in volume, marketcap and price than ever before.
Using "herd mentality"as an indication of market sentiment, is extremely powerful indeed. It is almost likened to a barometer of saturation and the extent to which it applies. Yes, we all in crypto are very pleased with what we are witnessing at present, but news of this hasn't spread yet that far at the moment. The public wildfire that will inevitably spur on the next big sell-off isn't even close.
Bitcoin "will" reach astronomical levels. I'm certain of that. And those of us who have the firm mindset of HODLing under even the worst of conditions, will be fine. However, the majority of "dumb money" will continue to flow in, with many investors in the space getting bitten over and over and over again. Thank the good lord I've had a good five years exposure to this space, to be immune to the emotional roller coaster it can bring with it. Buy and hold, my Steemian peepz. It's really that simple.
