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RE: Bitcoin officially labeled "Most crowded trade on the planet", but does that mean it's going to go down?
yes, a little breathe for the markets is good. Some people taking profits, some will be entering their positions.
Also if BTC will go down and stay low for a while, remember there are many other cryptos with very good qualities. And the train is already moving fast, so continuing evolution of those other coins will expand further (Ethereum, Dash, Monero, Litecoin, Ripple etc...).
Also if you know economics, and you are good at maths you can take a huge advantage of such price fluctuations BTC vs other cryptos....
Agreed, especially in the ethereum space there is a lot going on right now. The Hardfork in September, Raiden is getting to the developers right now, everyday there are ICO´s (which is not really a good thing in my view). But like you said it, there is a lot going on.