Whenever the market do tend to start going up then it will be making up that kind of positivity and emotion boost up that it would be continuing on which just like on what happened recently that the price do make out some new ath from one to another on which tons of people or even the entire community did made out some assumptions that this might be the start of the bull run.

I have seen this recently.

Crypto trader James Wynn, who’s been in the news for his high-leverage bets, has lost a staggering $99 million in the past two days with his Bitcoin bets falling flat on his face. With BTC price taking a dip under $105K, Wynn was forced to close all his positions, leading to huge liquidations. On the other hand, a smart crypto trader, betting against Wynn, managed to mint $17 million in the same time.
https://coingape.com/crypto-trader-james-wynn-loses-99m-in-bitcoin-bets-this-counter-trader-wins/

One of the examples on the moment that someone do make out that getting driven with some positivity on which it do results that kind of probability of loses but since the market is unpredictable then we dont know on what would happen next. If it turned out that momentum did build up then we might be able to see the different situation or simply he made up that huge amount of money.