Aaron Drinan stepped up and converted an early penalty to set Town on their way, before Joe Snowdon drilled in a second after the break to put them in control.
But it turned into dreamland in the final 20 minutes as Drinan headed home from a corner and then lobbed the goalkeeper to see them into the third round.
Holloway said that he could scarcely believe how well all of his players performed, with many putting in their best display under him.
He said: “I think that today you saw the difference when we press.
“I think that the score does flatter us, if I am being brutally honest, they had a couple of chances they could have taken, but it was the way we went about it to get around them and stop them playing.
“Normally, you might get eight of your 11 playing well, and then two of the subs might make an impact, but today everybody played well. Absolutely everybody.
“Have I seen a better performance from one of my teams in the last 14 or 15 years? I don’t think so.
“Everything that we tried to do, the lads did so well and they deserved what happened to them.
“But they need to understand why. What made us so good today? It was not just the individual skill, but the collective organisation and the willingness to go and work and never leave anyone on their own.
“We got a lot right today, so I am absolutely delighted for them and delighted for them crowd.
“It was a bit of a pinch-me game. 4-0. I didn’t expect that, but the last goal summed it up; it was insane how he got in there.”
Two weeks after being frustrated with the lack of running from his players, it was hard work that gave them the edge over Bolton.
Holloway felt that it was the best he had seen most of his players play as they downed the side in the playoff places in League One.
He said: “We had so many good things today, but it was a terrible start as [Paul] Glatzel limped out of training and then [Ryan] Tafazolli said he thought the broke a couple of ribs a few weeks ago.
“Then two lads we tried to bring back [from loan], the FA told us we did not do it in time, so it was a terrible start, but I will take it for how well the rest of them did and the excitement for the rest of them who were here watching.
“This was what I was hoping to bring here one day, where they were all in it together.
“We needed everybody. Fil Mabete, that was his best game, Joel McGregor was absolutely outstanding, [Jamie] Knight-Lebel as well. [James] Ball came in and looked perfect.”