I think a good amount of people consider bitcoin a bubble, or inflated, and expect it to crash. I think this a misunderstanding of what a bubble is. A bubble in houses, tech, cars, etc are from allocating value above the utility value of the asset, thus creating a monitory value on top of the utility value.

With bitcoin the utility value is monitory, so it's more of a pure measure of how much society values sound money. Sure speculators can leverage in the short term and deceive the market, but all that does is call more attention to it, and when someone takes a close look they don't often go back.