Seems like we're just now entering the Fear phase of the bubble...
for it to be a true bubble, 30-50% have to be invested, MSM should post "how glorious the new high is", etc, etc
Bitcoin or crypto as a whole have to represent a substantial % of all assets. In 2000, nasdaq was at almost 7tril with Internet companies at 3tril.
At 500-600 bil all crypto are absolutely puny (less than 10% of gold) with btc even smaller 180-200bil.
Could we be at a local peak (bubblette)...sure. Do I know where the local bottom is...nope.
TL;DR almost nobody was involved, hence it is unlikely to be a true bubble