compare this: http://blog.stocktwits.com/wp-content/uploads/original_15986178.png
with this: http://i.imgur.com/NtCHJMn.jpg
We had a nice long accumulation phase when no one really cared between $200-$240. But when the range broke, we had "take off"
People slowly saw breakouts, we even broke $300 without too much difficulty, and then we hit $336 for the first sell off. The "double top" turned out to be a trap at $336.
Mania phase: After $336 broke, people went crazy. All dips were bought almost immediately, we went vertical. All news was good, and plenty of news there was. People were enthusiastic about all of a sudden. Some were scared to go long as it went up too much too fast, expecting a correction, but it never came.
People decided it's going to break new all time highs, $1000 was right around the corner. The people who were long double down, the people on the sidelines decided to buy. Some made 10%+ profits almost minutes later.
The delusion phase came, $1000 was no longer a goal, $5000-$10,000 was expected within months. This was when $470-$480 broke with ease.
$500 also broke and this was the "New Paradigm"
Denial phase: where we are at now...
I am not in a position to say to determine that you are false, because you might be true and it can happen.
However, Bitcoin has shown us that it can be a beast. Just when you think a bubble just burst, it creates another bubble just again. I say this, because it happened and I remember back in 2013. It was its first time and of course there was euphoria, but I remember that day and I see the same psychological effects on this virtual currency.
Investors can make it happen again to 1000. Not because it should be valued at 1000, but to create money, money, money... to burst a bigger balloon.