Does the bitcoin market really follow the pattern of a bubble? I was under the impression that a bubble market went up and up constantly until it crashes all the way down to it's correct value, or even lower than the correct value.
But when I follow bitcoin value, I see it going up and up... and then it falls 2-3 dollars, and then it goes up again, and falls a little, and such. While it is trending upwards overall at a very fast rate, it's also losing a lot of value occasionally on an hourly basis. Last 24 hours for example on mtgox is not all moving upwards, but it's not crashing either. Is this a pattern that past "bubbles" followed?