$32 was "the new paradigm", $2 was "dispair", $5 was return to the mean. We are now seeing a repeat of the same pattern.
I know you are illustrating the point corresponding to that chart, but saying that $32 was the new paradigm is a bit of a joke. That entire bubble only lasted a few days.
Right now, based on that chart, I would say that we are in the media attention phase of growth (though in the case of bitcoin a more accurate description would be "appropriate merchant adoption").