I just had a second thought about your plant. Cattleyas grow rhizomes, which is the growth between pseuoobulbs. What you are seeing is the rhizome and when it starts a new bulb and leaf it will automatically grow upward. At that point it will then be out of the pot so I think you definitely need to repot. Some Cattleya grow long rhizomes and some grow virtually none at all. They just kinda grow bulb directly beside the other.