I would say that BTC was in a bubble, because let's be honest, the value we saw during December-January was insane, it was artificially increased, it just couldn't keep at that rhythm. Now I think we are seeing its actual value, which in my opinion should be around $6-7k, and I really hope we will start to see a slow increase, but unfortunately this market is too small and some people can really do almost whatever they want, so I think we'll see these pumps and dumps for quite a long time.
Just look at the support of bitcoin in terms of its volume and stock on the market. It does not link on what a bubble could be in the future. It is a form of currency that certainly depends on the support of people and when there are still a support for both the consumer and the developers of bitcoin as well as the blockchain system it will surely develop and be a more efficient form of cryptocurreny for the future.
Global markets also lost some value since january 2018. Bitcoin lost more value, this is true. But bitcoin and crypto markets can recover the loss with new capital flow coming from international investment funds.
This type of flows will make bitcoin even stronger, I believe for the next years.