The cyclist doesn't seem to swing quickly in the direction of the kerb which is what I would do if I thought it was very close, and if they wanted the bus to wait then they could have been in a better road position to make sure there wasn't a bus sized gap beside him.
Neither side is "right", they both could have done more to have had a better pass.
I've said if it was me I would probably slow down, and let the bus pass, he was already overtaking cars, but if I decided to go then I would have been further out in the road.