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No one could have seen that coming, and that's the whole point of these massive bull runs. They are effective because no one expects them, and that stimulates people's emotions and directly make fomo insanely powerful.
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I´d argue that there are various other factors that intensify these bull runs.
1. The tiny float of coins on the exchanges
Most Bitcoins aren´t traded at the exchanges and are therefore not really
relevant for the price discovery. You can easily push the price upwards, because
it is easy to deplete the existing offers in the order book.
2. Social media
A sudden spike in the Bitcoin price generates media coverage and is intensified
by the shilling on social media. Every Bitcoin holder is obviously incentivized to
promote Bitcoin and this feeds into the FOMO feeling.
3. 24/7 trading
Bitcoin can be traded 24/7 and doesn´t really have these weekend breaks
like most traditional markets that allow the market participants to calm down.
This also leads to an increase in irrational behavior, which obviously
intensifies the price action during a bull run.