Bubbles don’t have to implode. They can just reach a point where there’s a long consolidation and things are sideways until reality fully rationalizes the bubble and it shrinks.
This happens all the time with stocks. A stock could get very bubbly and reach an insane valuation to the point people think it will pop! But then it never does, instead it just stops rising and the underlying company eventually catches up to the valuation, until people think it’s a good buy again and start pumping the price even higher to the next leg up. Eventually the stock can never truly pop and go back to the pre-bubble levels because in the time that has passed the company actually did become more valuable.
This happens all the time with stocks. A stock could get very bubbly and reach an insane valuation to the point people think it will pop! But then it never does, instead it just stops rising and the underlying company eventually catches up to the valuation, until people think it’s a good buy again and start pumping the price even higher to the next leg up. Eventually the stock can never truly pop and go back to the pre-bubble levels because in the time that has passed the company actually did become more valuable.