i do not know that it is in bubble mode.  bubbles are fragile structures inflated by a force which, once withdrawn, results in the collapse of the structure.  forces implying a higher bitcoin price are increasing, not decreasing, and show no signs of being near the limits of their increase.  bubbles are not supported by the rationally discounted future fair value or cash flows.  the price of bitcoin is more than supported by its rationally discounted future fair value.

the only way you could infer that bitcoin was in a bubble would be if you were convinced that its future fair value, after discounting for risk-free rates and the error distribution attributed to your future value estimate, was insufficient to support current price levels.  you might be convinced of this by established fact and sound reasoning (necessary or probabilistic),  or you might be convinced of this by "intution" or "peer-pressure"  or "a skeptical disposition" or sunk cost fallacies, normality bias, etc.  if you have established facts and sound reasoning which leads you to such skepticism, please do share them.  no one can anticipate all unknown facts or creative proofs, and no one wants to be deluded by their ignorance or lack of time to explore the full space of inference.  if you do not, then please reconsider your convictions -  and especially please reconsider whether you should be spreading fallacious or delusional ideation.