What happened was that Bitcoin was rising so fast that investors who hadn't invested in crypto beforebought bitcoin. This forced the price up with new money entering the market as fear of missing out kicked in (fomo). The coin actually went up to $22 K in the end before crashing leaving a lot of investors getting burnt.
People who weren't aware of the volatility bought in expecting it to carry on rising and it happened so fast they were left losing small fortunes. It will happen again as greed pays a huge part and who knows later this year where the price might be.