Prices can go up on less turnover because there are more willing buyers than willing sellers and not because there’s thousands or millions of buyers. It’s a ratio, not an absolute number.
And when prices start trending more and more people start watching. The more they wait, they become more emotionally engaged and play vivid images in their heads seeing pictures of what could have been.
It’s electronic cocaine for your mind.
We all have a potent concoction of biases influencing our behaviour.
The antidote is to be aware they exist.