Usually a bubble is just about to burst when the last hold out becomes convinced and buys into the hype. The enthusiasm stems from a belief that it will always continue and apply to everyone. Then destruction and chaos.
> last hold out becomes convinced and buys into the hype
Interestingly, this can be justified by economic theory, because it's the marginal price of the next transaction that everyone sees, so you always need someone who's willing to buy in for a higher price.
Once everyone has already bought in and there's no fresh money to prop up the bubble, everyone can immediately see that, and things fall apart just like you said.
If we end up with a bubble in this case, it will be due to the nature of hard science contrasted against the prevailing Theranosian assumption that R&D can be brute forced by entrepreneurs.
Interestingly, this can be justified by economic theory, because it's the marginal price of the next transaction that everyone sees, so you always need someone who's willing to buy in for a higher price.
Once everyone has already bought in and there's no fresh money to prop up the bubble, everyone can immediately see that, and things fall apart just like you said.