I would rather say it is a cycle in which bitcoin will go up at a high level and return to spin at the lowest level.
that would make bitcoin a pump and dump.
what happens is that bitcoin has rises that are sometimes followed by a correction. there are also times like this that people panic sell and drop the price lower than the bottom of the correction.
the thing you are referring to only happens in cases of gigantic bubbles like if price had reached $0.5 million.