Looking only at pricing, UBS said that, “a twenty-fold increase in bitcoin prices in just two years, and an absence of any fundamental economic backing, cryptocurrency prices are almost certainly a bubble.”
Blockchain utility doesn't make crypto not a bubble. That'll be important to remember for people buying now expecting to make big gains at this cost basis, and there's real risk there.
Bitcoin is very risky, but bitcoin is not a bubble that can explode at any time. Bitcoin is unstable and it's high risk, and I think people who do not like bitcoin will regard it as a bubble.