it's not about expectations, it's plain speculation.
inviting new "miners" just like low credit rates fuelled the real estate market
something went wrong a month ago.
Even if the current pricing does reflect a "speculative gold rush", it's inevitably self-correcting so it's nothing to worry about.
Personally, I think the speculative bubbles are yet to come. They
will happen, and a lot of people will get rich, and a lot of people will get poor as a result. But the bubbles will be driven by large numbers of people (e.g. after Oprah mentions Bitcoin on her show, or Bart Simpson gets into Bitcoin).
The current market price, being determined by a few thousand early adopters who are mostly of above-average intelligence, isn't a bubble as far as I'm concerned.