The spike recently caused most investors to be positive with the market. They felt that this is it, the bull market is coming. But, the spike was just a sign of something big is about to happen and saying that bitcoin is not dying. I think, bull run about to happen early next year.
It is because bitcoin is still the top crypto in the market and most people believe that only bitcoin can give them huge profits in the near future. Other coins will take long time to rise high and give good profit. It is better to buy bitcoin instead of any other coin and wait for long. The current situation of the market will change soon due to huge investment and the price will as you say spike up.