Joe Burnett, an analyst at Blockware Solutions, said that Bitcoin, unlike every other commodity on the planet, does not have a natural supply response when its price rises.
Typically when prices rise, the market finds new supplies (oil, wheat, gold, etc.) and sells these new supplies to buyers.
But with Bitcoin, there is no more supply and buyers can only buy from existing holders, which is why when Bitcoin starts in a bull market, they start to develop like parabolic price increases that happen again and again.