Major drawdowns normal in Bitcoin bull markets, analyst says

Bitcoin surged past $9,000 before plummeting to $8,000 and then recovering around $8,400.

While the 8 percent drop was met with concern, one cryptocurrency analyst said that large drawdowns are actually normal in Bitcoin bull markets, adding that even more extreme drops are bound to happen.

Bitcoin breaks $9,000 before dropping back into consolidation.

Believed to be in a major upward momentum, Bitcoin managed to surprise the market yesterday as it spiked 4 percent and then dropped another 8 in less than an hour.

According to data from Coinbase, Bitcoin jumped from $8,743.

While Bitcoin's drop caused quite a stir in the market, many were convinced this was nothing more than a "Bearish outside day," and that the coin's upward rally will continue throughout June.

The analyst also noted that Bitcoin's volatility enables sharp drops in price even during major upward rallies, a trend that was first noticed during the bull market of 2017.

Bitcoin is insanely volatile and will test your will.

The chart showed 20 different price drops Bitcoin experienced, ranging from as low as 6.5 to as high as 25.49 percent.

Despite these drops, Bitcoin was up 370 percent during this period, the chart showed.