yes it is.
Now you wait till it turns into a new pseudobulb, then if the pseudobulb is big enough it might flower, the flowers emerge out of the top once the leaves have formed.
Sometimes it can take months before it decided to produce flowers after the pseudobulb has formed. Sometimes it flowers shortly after, sometimes it just never will have the energy.
I will attach warm growing dendrobium as an example, not the same orchid but exactly the same principle, first the pseudobulb forms and then with some luck a flower grows out of the top of a formed pseudobulb