Getting to the point, bubbles happen when you start buying something just because you think someone will pay more for it, instead of looking at how useful is it for you or for a community of people.
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The problem with Bitcoin is that there's no good way to calculate how much it should be worth like you can with stocks, it's all just pure guess and the fact how much money can people actually pay for it. Some people say that Bitcoin will be worth $150,000 or $500,000 - but if they truly believe it, why won't they sell all their assets for it?
The question intrigues me. Each individual has primary needs and essentials. These are somethings you cannot trade for anything for you to be able to survive in this era.
So the question is why won't they sell all their assets if they believed the price is higher than what currently it is. The answer is very simple, people are not dumb enough to invest in one thing as they see it to have high value. Plus the different factors affecting BTC and the infamous "VOLALITY"