The 1200 bubble was for the most part produced by WillytheBot (MtGox) and his followers. Cyprus crisis had about the same impact on Bitcoin price as Greece has right now. Problem is mainly, when the banks are closed, people are not able to buy Bitcoins.
This is exactly the reason why we need to push the distribution of BTC ATMs. The more we rely on these banks for getting input bitcoin, the better chance we have on flourishing the industry.