It's a pseudobulb. I'm pretty sure spikes grow form the lateral sides of the pseudobulbs on these guys. Rule of thumb is three pseudos for a bloom, correct me if I'm wrong. But hey it's happy enough to grow on!
Onc. Sharry Baby, a fav of mine and soon to be added to my collection. The plant grows very fast with over 300 flowers on a mature plant and the inflorescence emerges from their axil. It's is obviously happy producing a pseudo.
yes, to amplify, a spike will arise from the side of a mature (fully grown) bulb, following along the fold of a leaf, about 90º from where your new pseudobulb is arising. that new bulb you have should be mature in 4-6 months.