I recently received my first two bulbophyllums, and am not quite sure what a bud vs. new bulb looks like. Here is a picture of my B. ambrosia, let me know what you think.
Looks like new growth! The leaf will start to point upwards, what is running along the media will turn sort of woody looking and roots will come out from the new little bulb. Looks happy.
Cool, good to know! And I am glad it looks happy, it has been in my possession for two weeks now, which is enough time for it to start looking sad, if it were sad!
I think new growth as well. It looks like that bulbo likes a large distance along the ryzhome between pbulbs, so what you see is a lengthening ryzhome growth which will turn up when it's ready and produce a new growth/pbulb.