Unlike most the bitcoin "investors" I think you are probably right, bitcoin is in a bubble, I don't think the currency will ever just die out and it could become a lot more popular than today but at the current usage the price is definitely overpriced.
Overpriced or not, I think it's going up a bit more. Reason for this is the sudden publicity that bitcoin got after this Cyprus induced value increase, attracting a load of new potential bitcoiners. After that the bubble might burst, but not after a second takeoff.
But that's my guess, which is as good as pulling a straw.