I think it would be good for people trading bitcoins to study or at least inform themselves about how financial markets work before starting it or even wildly speculate about what is happening.

For example, what is happening now is a normal correction that happens all the time in markets.
standard corrections retrace between 38% and 62% of the recent advance.

This means that retracements of 1.1-0.5=0.6 * 0.38 = 0.23 or 0.38 $
results in either 0.87 $ (already exceeded) or 0.72 $.

A larger retracement from the 0.17 bottom can lead to a correction down to 0.5

all this is completely normal in financial markets and has nothing to do with bubbles or bubblegums ;-)