I agree FOMO is real. This is the reason why bitcoin price is quickly rising. They are afraid to be left behind and miss the profit when bitcoin price reach its peak.
That is one nice of calling it. But all the same the price will fall not all because of speculative reasons but also because like in any economy, it expands and contracts. There is no escaping it, Bitcoin's price will fall, drop or "correct" itself. Call it whatever makes you feel better.
Definitely when price surge fast, the next thing will be correction or a sudden drop in price since those who bought before the rise will eventually cash-out and the cycle repeats.
If this price increase is caused by FOMO then does it mean there are big money whales out there who are moving the market because they are afraid of missing out? I find that hard to believe. FOMO usually works on altcoins where there are many uninformed and less intelligent "investors". Bitcoin's price movement is caused by something else, maybe.