Of course it's in a bubble, it's naive to think that we won't have a massive crash because "this time is different - we have institutional investors". But this doesn't mean that it's bad to invest in it, you can try to do some short-term trading and exit long before the crash, you can try to buy dips and sell them quickly, and dips will happen because there's always corrections in the bull market. Bitcoin is a risky investment, but the risk is justified, so the only thing investors should worry about it so not overexpose themself to it.
This. Bitcoin has crashed many times before and risen again but that hasn't stopped it from moving forward. Though I doubt it could crash to under 15-20K under current market conditions or under 10K in bad market conditions. What is more concerning is the possibility for price manipulation if large players sold all at once.
Bitcoin is a new asset class. You can't even buy it at the bank yet. There is plenty of room to grow.