It is a bubble. Bitcoin is a speculative gambling token, not an equity, not a debt, not a currency. The magnitude of the problem is that so many people are finding ways to buy it when they don’t even know what it is.
The main holders famously haven’t sold any of their coins.
The burst might occur when they do, or even before they do. I don’t know.
When it does, holders of Bitcoin have no underlying assets, nothing.