Profit
Everyone who is in whatever trading activity wants to make some profit. What some people forget is, we can't all win. For one person to make a profit, someone else has to lose his/her investment, or at least part of it.
Bitcoin profit
Attracted by the success stories of many, people who never even considered investing in anything, started buying Bitcoins. All it seemed to take was buy some coins, wait a little while, cash out. Sounds simple but turned out to be a little more difficult than that. The rate kept going up, people wanted to join, but were afraid the rate would go down right after their purchase. Others wanted out, take the profit, but were scared to leave the ship too soon, missing out on even more profit. People got nervous in many ways.
Big dip
The fact that many people didn't want to miss out, is what drove the rate to a new time high. And suddenly everything seem to fall apart. In my opinion this was not only due to people taking their profit but also because there was less access to Bitcoins. Many, if not all, exchanges closed their doors for new customers.
The end of Bitcoin
Some predicted the end of Bitcoin, they were and are wrong. Some predicted it would never go above $10,000 again, they also have been proven wrong. The recent rise and fall have proven Bitcoin to be as good an investment as any other. Especially when you want to do some short term trading.
Rise and fall - good news
When rate started to go up recently, people first didn't think it would last long enough to profit from it so they didn't act. When it seemed to hit maybe $12,000 people got the feeling of missing out, again. Now that the rate is back in the $9,000 range, people have a chance of joining the Bitcoin train again. They will be more comfortable with highs and lows, because it happened before and was not the end.
Break through $12,000 boundary
In my opinion this will happen when exchanges open their doors again for new customers. The ultimate high everyone is waiting for will not happen until the whole system is a bit more userfriendly.
Disclaimer
Just my thoughts folks, no advice in any way.