The bubble did burst. I think that the main thing that bursted this bubble was bitcoin's inability to break that magical $3000 level and that hurt the traders financially and more importantly psychologically a lot. If bitcoin went on to break $3000 then we could easily be seeing $3500, even $3700 right now. However either way, it'll have to come down to adjust a bit.

I believe that this is only a short term adjustment and the price has probably bottomed out at around $2400. Therefore I'll congratulate anyone that timed it right and bought at $2400. The price is slowly yet steadily recovering meaning that there is probably going to be another round of pumping, whether small or large, coming in very soon.