its actually both...
depending on what your looking at.
if your only looking at the HIGH price of a given time. its a bubble.. the speculative hype and air which can inflate prices aswell as burst prices,
.. like a bubble.
but if you chart the data and draw a line along the
LOWEST prices long term you will see the true value. the part that no one is
stupid to sell below.
think of the long term lowest line as a water line in a bath.. its a point of resistance.. anything above that is speculative hot air that fluctuates (grows and pops)
we are still in the first decade of a many decade life of the coin. which based on things like coin supply (block halving events) and population saturation will have the waterline in a S curve.. and then variable amounts ontop for the speculative bubble
anyway here is an image for the younger generation that can only understand images