I would say yes, based on the conventional definition of a bubble. "A bubble is an economic cycle that is characterized by the rapid escalation of market value

I would say yes, based on the conventional definition of a bubble. "A bubble is an economic cycle that is characterized by the rapid escalation of market value, particularly in the price of assets. This fast inflation is followed by a quick decrease in value, or a contraction..." https://www.investopedia.com/terms/b/bubble.asp https://www.investopedia.com/terms/b/bubble.asp