Suspicious growth on Maxillaria tenuifolia

Something started to grow from the below of one of the bulbs on my Maxillaria tenuifolia. For some reason it doesn't look like a new p-bulb growth to me. I think maybe it is a bud coming out?

The thing appears only on one bulb - far right one:



Here is the closer picture of the suspicious growth:



Of course I wanted to see it better and accidentally broke the protective sheath. Hope it won't kill that growth.
So, what do you think? Is it a bud?

Update: No, it is not a bud, just another pseudobulb started, which is kind of good too, but I really wanted a bud.