You're wrong. There hasn't been any "contraction" in Bitcoin. There has been only exponential growth so far.
So the price has never, ever gone down. It's just been a straight line upward at all times. Okay. Got that.
Nice name.
It's not about the price but about growth (either positive or negative). Bitcoin's growth never stopped but expanded exponentially. "The Market is always wrong" when it comes to putting fair valuations.
The fluctuations in Bitcoin price are irrelevant as the Bitcoin ecosystem kept growing exponentially. The growth of the ecosystem itself never experienced a sudden drop like that price drop from 2xx to 5x.
Many offer the "tulip mania" example when it comes to bubbles but thing is there never was a real demand to justify that tulip price, unlike with Bitcoin.
A real bubble is created when price becomes totally disconnected from the reality on the ground.
Bitcoin is currently undervalued thus talking about bubbles is retarded.