BTC and the cryptocurrency market has always been volatile ever since. There are a lot of factors that affects the supply and demand of these and for now, it was greatly affected by the statement of one of the most influential person we all know who he is. In my perspective, this may also lead for other great personalities and businessman or even politicians to try out the crypto market and so increase it's demand again. So I would say this may be a long term rise and we can expect it to go even higher after pandemic.
I think you are talking about Elon Musk and yes he purchased 1.5 billion USD worth of Bitcoins which helped the market jump but I think there are other reasons as well because before even Elon started talking about Bitcoins the price was already quite high and there were investors like Michael J. Saylor
who were already advocating for bitcoins and spreading awareness.
The price right now is not overrated given how much the market has grown and how many users are now using Bitcoins which concludes that the rise in the prices might be solid and long term. There are some talks about Bitcoin reaching 100k which I am not sure about but have every chance of happening because if there was a time when this could happen, it is now.