The term "Bubble" is being thrown around this forum like its going out of style.
But besides a few posts I've read, it seems the majority of people using this term don't even understand it.
What we have seen in the BTC markets starting with the Silk Road news is called VOLATILITY.
Too many people are looking at April to try and predict when we will "crash" again. But even if we go up to 266 and come back down to 150, that wouldn't have been a bubble or a crash. That would just be high volatility.
April was more like a bubble because it slowly built from the teens and gained more and more momentum as it went along. By the time the ATH hit, we were seeing daily verticle jumps well past anything on record.
Right now we have 1 day (today) where it looks like MtGox will be in the +20s. High volatility.
If we are in a bubble, we are in the early stages. If in a couple of weeks were are north of 450 or 500, and have had $50+ up days, then you can start using the word "Bubble."
But until then, this is just high volatility.
