In the last 8 hours since the "shopping spree", more than 14,000BTC have piled in. While above $5 has barely changed.
If we had another large buy to kick things off, then sure! But, volume has really tapered off. We've kinda stagnated, the whole world is hip to this game by now, and it's not moving fast enough to get there tonight. We'll see. You've got 8hrs to complete your mission.
The longest continuous upward (or downward) trend in BTC -- not counting the first year or so of existence when nothing was really happening -- would be the bubble span from April through June. Will we outlast that three month period this time?
Wasn't the decline, from say $17, which took 4 or so months a sufficient trend?
Correct, but the main point being that nothing is forever, particularly with stocks and currencies. Whether it's three months or four months, we still have nothing that would suggest this current upward trend will be anything but temporary. The difficult part, naturally, is determining when it will actually end. Perhaps as someone suggested a lot of people are putting money into BTC right before Dec. 31 as a way of avoiding taxes; if that's the case, we could see a major reversal in the next few days.
What I really want is the ability to set a stop sell on MtGox, as that way I could at least feel confident that I'm going to get out of the current upward trend with a decent profit and a price of more than $4.50 per BTC. (No, doing this on Bitcoinica isn't what I want -- I've tried that before, and with a big sell the spread becomes so large that my stop sell at $4.50 would end up executing when the real MtGox price is probably still $4.70 or more.) Anyway, for all the exuberance of late, I recall seeing many similar posts during the bubble. "BTC is going to take over the world -- we're at $30 now and the next stop will be $80 by July, $100+ in August! Everyone not on the bandwagon should buy before they miss out! ZOMG We R so awesome!1!!111"
Perhaps with enough exuberance and talk they're hoping to cause the next bubble, all while pretending that they think BTC isn't going anywhere but up. Good luck with that. I'm holding my (few) BTC now, and I really would love to see the price hit double digits because $500+ per month from mining is a lot of money for me to get "for free", but I'm not holding my breath.