FOMO --- increases ---> Demand --- increases ----> Future expectations -- increases ----> HODL ---- increases ---> scarcity ---- increases ----> price --- increases ---> Media & Public Awareness --- increases ----> FOMO & the cycle repeats.
I don't think anyone disagrees with that being the cause especially at a run/blow off top, the question I'd wonder is whether we're already nearing the start of that cycle or not?
There can sure be minor cycles within other larger ones as there is probably one within the whole cycle so far (this is the hodlers). But we can say that the more the price moves, the more people want to get involved in the space especially when it's covered by media and the happier they seem to be to lose what they have in the hopes of gaining quite a nice return.
Coompare this to 2015/2016 where people saw 100x on their investment for example if they cashed out at the top. And if they didn't, wer're already back nearing 50x now.