Bitcoin has a history of large drawdowns in the 40% to 90% range. Please see the attached link with the history of drawdowns since 2010.
https://mynabla.com/2018/01/22/breaking-down-bitcoin-drawdowns/

Some of the investors on this forum may be used to treasury bills, corporate bonds, balanced equity funds from Vanguard and other sleepy investments whereas Bitcoin is one of the most volatile investments imaginable.  I think part of the problem is that investors don't appreciate how volatile it is.

My advice to everyone is manage your risk and don't bet more than you can afford to lose.