I used to have different views on bitcoin, but I now honestly think that we're in a huge bubble. So much stupid people investing just for the sake of money itself. Once bitcoin stops growing in price... *pop*
I agree that Bitcoin is hyped at the moment and the price reflects that. There will be a correction soon and the noobs will see what that's like. Bitcoin will go down in relation to fiat currency and people need to get out of the mindset that Bitcoin is a commodity that should be valued against their local fiat. Bitcoin is a currency unto itself and once that's realized then the price against a fiat currency will become irrelevant as it should be. Every currency in history has these swings in the nascent stages, once the mindset matures of the people using it then it will show its true potential.
The noob investors will most likely panic once a correction happens or even when the price dips even just a little. I have noticed that most people don't know that the bitcoin price frequently goes up and down and is very volatile. In fact, not most people understand bitcoin at all yet they choose to buy and invest on it. People are already convinced that it is a bubble yet know nothing about it's market capacity and other features about bitcoin, therefore failing to see it's true potential. The high price has simply attracted them.