It's not necessarily a bubble, but rather a correction similar to those happening in the crypto world. I think that's how the market works: when something is over-valued, people will soon realize it and "the bubble will pop".
I'm not trying to get into a petty debate over semantics, but it sounds like you're saying it's not a bubble but it is a bubble :P
But yeah, I do expect the market to keep balancing itself out, as it usually does. A lot of crypto's probably won't suvive and some unexpected ones will soar. Whoever manages to predict which ones those are will get rich. So it goes.
As you say, you can either speak of a bubble that pops, or a market that balances itself out :D